Cornish Wind Ltd - Period Ending 2018-12-31

Registration number: 08822887

Cornish Wind Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

Cornish Wind Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Cornish Wind Ltd

Company Information

Directors

Mr M W Davey Mr A R Jones Mr R M Quinn

Registered office

Suite 26 Atlas House West Devon Business Park Tavistock Devon PL19 9DP

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 3 Atlas House West Devon Business Park Tavistock Devon PL19 9DP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cornish Wind Ltd
for the Year Ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cornish Wind Ltd for the year ended 31 December 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Cornish Wind Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cornish Wind Ltd and state those matters that we have agreed to state to the Board of Directors of Cornish Wind Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornish Wind Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cornish Wind Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cornish Wind Ltd. You consider that Cornish Wind Ltd 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 accounts of Cornish Wind Ltd. 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 accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

15 May 2019

Page 2

Cornish Wind Ltd

(Registration number: 08822887)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	774,056	825,655
Current assets
Debtors	4	128,068	120,903
Cash at bank and in hand		61,885	30,200
		189,953	151,103
Creditors: Amounts falling due within one year	5	(322,402)	(280,985)
Net current liabilities		(132,449)	(129,882)
Total assets less current liabilities		641,607	695,773
Creditors: Amounts falling due after more than one year	5	(40,473)	(153,605)
Provisions for liabilities		(93,237)	(93,991)
Net assets		507,897	448,177
Capital and reserves
Called up share capital		3	3
Profit and loss account		507,894	448,174
Total equity		507,897	448,177

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Cornish Wind Ltd

(Registration number: 08822887)
Balance Sheet as at 31 December 2018

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

Approved and authorised by the Board on 15 May 2019 and signed on its behalf by:
 

......................................... Mr M W Davey Director

......................................... Mr A R Jones Director

......................................... Mr R M Quinn Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Cornish Wind Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 26
Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP
United Kingdom

The principal place of business is:
Rose Park Farm
Otterham
Camelford
Cornwall
PL32 9SW

2	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 electricity generated. Turnover is shown net of 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.

Page 5

Cornish Wind Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

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.

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
Wind turbine	5% straight line

3	Tangible assets

	Land and buildings £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2018	1	1,031,918	1,031,919
At 31 December 2018	1	1,031,918	1,031,919
Depreciation
At 1 January 2018	-	206,264	206,264
Charge for the year	-	51,599	51,599
At 31 December 2018	-	257,863	257,863
Carrying amount
At 31 December 2018	1	774,055	774,056
At 31 December 2017	1	825,654	825,655

Page 6

Cornish Wind Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

4

Debtors

	2018 £	2017 £
Other debtors	128,068	120,903
Total current trade and other debtors	128,068	120,903

5

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	6	111,223	132,531
Trade creditors		112	320
Taxation and social security		2,532	2,869
Amounts owed to group undertakings and undertakings in which the company has a participating interest		48,958	26,958
Other creditors		159,577	118,307
		322,402	280,985

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	6	40,473	153,605

Page 7

Cornish Wind Ltd

Notes to the Financial Statements for the Year Ended 31 December 2018

6	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	-	84,560
Other borrowings	40,473	69,045
	40,473	153,605

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	82,651	103,959
Other borrowings	28,572	28,572
	111,223	132,531

Bank borrowings

The company has a Barclays bank loan which is denominated in sterling with a nominal interest rate of 3.5%, and the final instalment is due on 5 August 2019. The carrying amount at year end is £82,651 (2017 - £188,519). The loan is secured by a legal charge over land known as 'Turbine site, Trethorne, Kennards House, Launceston'.

7	Related party transactions

Included within other borrowings is a loan of £69,045 (2017: £97,617) from a partnership in which a director is a partner. Interest is being charged at a rate of 7% per annum. This loan is being repaid over 7 years.

The Directors' have provided a personal guarantee of £330,000 to the bank in respect of the Barclays Bank Loan.

Page 8