CORNWALL_POWER_LIMITED - Accounts

CORNWALL POWER LTD - Company Information

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Company Registration No. 07315910 (England and Wales)

CORNWALL POWER LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2014

CORNWALL POWER LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

CORNWALL POWER LIMITED

ABBREVIATED BALANCE SHEET - UNAUDITED

AS AT

31 JULY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

9,119

1,645

Current assets

Debtors

20,942

79,311

Cash at bank and in hand

5,932

3,036

26,874

82,347

Creditors: amounts falling due within one year

(46,582)

(98,331)

Net current liabilities

(19,708)

(15,984)

Total assets less current liabilities

(10,589)

(14,339)

(10,589)

(14,339)

Capital and reserves

Called up share capital

Profit and loss account

(10,591)

(14,341)

Shareholders' funds

(10,589)

(14,339)

For the financial year ended 31 July 2014 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 financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 February 2015

Mr A Williams

Director

Company Registration No. 07315910

CORNWALL POWER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED

FOR THE YEAR ENDED 31 JULY 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for the installation of solar arrays. The turnover and loss before taxation are attributable to the one principal activity of the company, all of which arises in the United Kingdom.

In respect of long-term contracts and on contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

33.33% per annum on the straight line method and 15% per annum on the reducing balance method.

Website

33.33% per annum on the straight line method.

1.4

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

CORNWALL POWER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2013

4,937

Additions

10,729

At 31 July 2014

15,666

Depreciation

At 1 August 2013

3,292

Charge for the year

3,255

At 31 July 2014

6,547

Net book value

At 31 July 2014

9,119

At 31 July 2013

1,645

Share capital

2014

2013

Allotted, called up and fully paid

2 ordinary shares of £1 each