Guinness Sustainable Infrastructure Limited Accounts
Guinness Sustainable Infrastructure Limited Accounts
Guinness Sustainable Infrastructure Limited ACCOUNTS COVER |
Company No. 09474000 | |||||||||
Guinness Sustainable Infrastructure Limited CONTENTS |
Pages | |||||||||
Company Information | 2 | ||||||||
Directors' Report | 3 | ||||||||
Accountant's Report | 4 | ||||||||
Profit and Loss Account | 5 | ||||||||
Balance Sheet | 6 | ||||||||
Statement of Changes in Equity | 7 | ||||||||
Notes to the Accounts | 8 to 13 | ||||||||
Guinness Sustainable Infrastructure Limited COMPANY INFORMATION |
Directors | |||||||||
Registered Office | |||||||||
Accountants | |||||||||
Central House | |||||||||
20 Central Avenue | |||||||||
St Andrews Business Park | |||||||||
Norwich | |||||||||
NR7 0HR | |||||||||
Guinness Sustainable Infrastructure Limited DIRECTORS REPORT |
The Directors present their report and the accounts for the year ended 31 March 2019. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
(Resigned 17 January 2019) | |||||||||
Signed on behalf of the board | |||||||||
D.S. Gallwey | |||||||||
Director | |||||||||
23 August 2019 |
Guinness Sustainable Infrastructure Limited ACCOUNTANTS REPORT ICAEW |
Chartered Accountant's Report to the Board of Directors of Guinness Sustainable Infrastructure Limited on the preparation of the unaudited statutory accounts for the year ended 31 March 2019 | |||||||||
In order to assist you to fulfil your duties under the Companies Act 2006 , we have prepared for your approval the accounts of Guinness Sustainable Infrastructure Limited for the year ended 31 March 2019 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts 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 www.icaew.com/en/members/regulations-standards-and-guidance. | |||||||||
This report is made solely to the Board of Directors of Guinness Sustainable Infrastructure Limited, as a body, in accordance with the terms of our engagement letter dated 13 June 2018. Our work has been undertaken solely to prepare for your approval the accounts of Guinness Sustainable Infrastructure Limited and state those matters that we have agreed to state to the Board of Directors of Guinness Sustainable Infrastructure Limited, as a body, in this report in accordance with AAF 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Guinness Sustainable Infrastructure Limited and its Board of Directors as a body for our work or for this report. | |||||||||
It is your duty to ensure that Guinness Sustainable Infrastructure Limited 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 Guinness Sustainable Infrastructure Limited. You consider that Guinness Sustainable Infrastructure Limited is exempt from the statutory audit requirement for the year. | |||||||||
Chartered Accountants | |||||||||
Central House | |||||||||
20 Central Avenue | |||||||||
St Andrews Business Park | |||||||||
Norwich | |||||||||
NR7 0HR | |||||||||
Guinness Sustainable Infrastructure Limited PROFIT AND LOSS ACCOUNT |
for the year ended 31 March 2019 | ||||||||||
Notes | 2019 | 2018 | ||||||||
£ | £ | |||||||||
Turnover | 1 | 1 | ||||||||
Cost of Sales | 1 | ( | 1 | ( | ||||||
Gross profit | 1 | 1 | ||||||||
Administrative expenses | 1 | ( | 1 | ( | ||||||
Operating profit/(loss) | ( | |||||||||
Profit/(Loss) on ordinary activities before taxation | ( | |||||||||
Taxation | 1 | ( | 1 | |||||||
Profit/(Loss) for the financial year after taxation | 5 | 5 | ( | |||||||
Guinness Sustainable Infrastructure Limited STATEMENT OF COMPREHENSIVE INCOME |
for the year ended 31 March 2019 | ||||||||||
2019 | 2018 | |||||||||
£ | £ | |||||||||
Profit/(Loss) for the financial year after taxation | ( | |||||||||
Total comprehensive income for the period | ( | |||||||||
Guinness Sustainable Infrastructure Limited BALANCE SHEET |
at | ||||||||||
Company No. | Notes | 2019 | 2018 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Current assets | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 6 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Provisions for liabilities | ||||||||||
Deferred taxation | 7 | ( | ||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 8 | |||||||||
Profit and loss account | 8 | ( | ||||||||
Total equity | ||||||||||
Approved by the board on 23 August 2019 | ||||||||||
And signed on its behalf by: | ||||||||||
D.S. Gallwey | ||||||||||
Director | ||||||||||
Guinness Sustainable Infrastructure Limited STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2019 | ||||||||||||
Share Capital | Share Premium | Retained earnings | Total equity | |||||||||
£ | £ | £ | £ | |||||||||
At 1 April 2017 | (13,045) | 2,088,093 | ||||||||||
Shares issued during the period | ||||||||||||
Loss for the period | ( | ( | ||||||||||
At 31 March 2018 and 1 April 2018 | ( | |||||||||||
Shares issued during the period | ||||||||||||
Profit for the period | ||||||||||||
At 31 March 2019 | ||||||||||||
Guinness Sustainable Infrastructure Limited NOTES TO THE ACCOUNTS |
for the year ended 31 March 2019 | ||||||||||||||
1 | Accounting policies | |||||||||||||
Basis of preparation | ||||||||||||||
Turnover | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Plant and machinery | ||||||||||||||
Taxation | ||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. | ||||||||||||||
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. | ||||||||||||||
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. | ||||||||||||||
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Leased assets | ||||||||||||||
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. | ||||||||||||||
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). | ||||||||||||||
Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. | ||||||||||||||
2 | Judgements in applying accounting policies and key sources of estimation uncertainty | |||||||||||||
In preparing these financial statements, the directors have had to make the following judgements: | ||||||||||||||
Tangible Fixed assets (see note 4) | ||||||||||||||
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. the actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. | ||||||||||||||
3 | Employees | |||||||||||||
2019 | 2018 | |||||||||||||
Number | Number | |||||||||||||
The average number of persons employed during the year : | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Plant and machinery | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 April 2018 | ||||||||||||||
Additions | ||||||||||||||
At 31 March 2019 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 April 2018 | ||||||||||||||
Charge for the year | ||||||||||||||
At 31 March 2019 | ||||||||||||||
Net book values | ||||||||||||||
At 31 March 2019 | ||||||||||||||
At 31 March 2018 | ||||||||||||||
5 | Debtors | |||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Deferred tax asset | ||||||||||||||
VAT recoverable | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
6 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Trade creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
7 | Provisions for liabilities | |||||||||||||
Deferred taxation | ||||||||||||||
Accelerated Capital Allowances, Losses and Other Timing Differences | Total | |||||||||||||
£ | £ | |||||||||||||
At 1 April 2018 | (8,197) | ( | ||||||||||||
Charge to the profit and loss account for the period | 17,402 | |||||||||||||
At 31 March 2019 | 9,205 | |||||||||||||
Deferred tax asset (see note 5) | ||||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Accelerated capital allowances | ||||||||||||||
Tax losses | ( | ( | ||||||||||||
( | ||||||||||||||
8 | Reserves | |||||||||||||
9 | Earnings before interest, tax, depreciation and amortisation (EBITDA) | |||||||||||||
2019 | 2018 | |||||||||||||
£ | £ | |||||||||||||
Turnover | 433,046 | 137,351 | ||||||||||||
Cost of sales | (33,524) | (8,718) | ||||||||||||
Gross profit | 399,522 | 128,633 | ||||||||||||
Administrative expenses | (107,258) | (65,137) | ||||||||||||
EBITDA | 67% | 292,264 | 46% | 63,496 | ||||||||||
Depreciation | (194,975) | (95,563) | ||||||||||||
Profit before tax as reported on page 5 | ( | |||||||||||||
10 | Additional information | |||||||||||||
Its registered number is: | ||||||||||||||