Mylor Limited Accounts






Mylor Limited
	Company No. 09804297
		Information for Filing with The Registrar
		31 March 2019

The Directors present their report and the accounts for the year ended 31 March 2019.

Principal activities
The principal activity of the company during the year under review was the production of renewable energy. Mylor Limited builds, owns and operates energy generating installations. Electricity generated is sold under commercial power purchase agreements direct to electricity consumers and to network operators.




Directors

The Directors who served at any time during the year were as follows:

W.N. Close-Brooks
E.B.N. Guinness


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

E.B.N. Guinness
Director
23 August 2019

at	31 March 2019
Company No.		09804297	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		4	3,347,638	1,755,454


				3,347,638	1,755,454
Current assets

	Debtors		5	90,576	65,411

	Cash at bank and in hand			176,341	2,554,853
				266,917	2,620,264
Creditors: Amount falling due within one year			6	(161,175)	(801,167)
Net current assets				105,742	1,819,097
Total assets less current liabilities				3,453,380	3,574,551

Provisions for liabilities
	Deferred taxation		7	-	-

Net assets				3,453,380	3,574,551

Capital and reserves
	Called up share capital			38,443	38,443
	Share premium account		8	3,728,856	3,728,856


	Profit and loss account		8	(313,919)	(192,748)

Total equity				3,453,380	3,574,551


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 23 August 2019
And signed on its behalf by:
E.B.N. Guinness
Director

for the year ended 31 March 2019

Accounting policies

General information

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

The following principal accounting policies have been applied in the preparation of these financial statements. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

Turnover

Turnover represents amounts receivable for energy generated in the year net of any applicable value
added tax. Any uninvoiced income is accrued in the period in which it has been generated.

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.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.

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

Plant and machinery

5% Straight line

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term 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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

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 :	2	2

4	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 April 2018	1,756,566	1,756,566
		Additions	1,716,673	1,716,673



		At 31 March 2019	3,473,239	3,473,239
		Depreciation
		At 1 April 2018	1,112	1,112
		Charge for the year	124,489	124,489



		At 31 March 2019	125,601	125,601
		Net book values
		At 31 March 2019	3,347,638	3,347,638
		At 31 March 2018	1,755,454	1,755,454

5	Debtors
			2019	2018
			£	£
		Trade debtors	12,165	248


		Deferred tax asset (see note 7)	64,297	-
		VAT recoverable	1,308	64,630


		Prepayments and accrued income	12,806	533
			90,576	65,411

6	Creditors:
		amounts falling due within one year
			2019	2018
			£	£




		Trade creditors	110,866	796,278





		Accruals and deferred income	50,309	4,889
			161,175	801,167

7	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£

		Charge to the profit and loss account for the period	(64,297)	(64,297)

		At 31 March 2019	(64,297)	(64,297)

		Deferred tax asset (see note 5)

			2019	2018
			£	£
		Accelerated capital allowances	90,530	-
		Tax losses	(154,827)	-


			(64,297)	-

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

Share capital

The company has 3,844,281 Ordinary £0.01 shares in issue, all of which are paid up at par.

10	Commitments

		Capital commitments	2019	2018
			£	£
		Capital commitments contracted for at the end of the financial year for which no provision has been made:	-	3,415,333

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

09804297

Its registered office is:

Beeston Lodge

Beeston Lane

Spixworth

Norwich

NR10 3TN