First Energy Development Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC280892 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

First Energy Development Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M M Bowie

SECRETARY:

Shepherd & Wedderburn Secretaries Ltd

REGISTERED OFFICE:

Commercial House

2 Rubislaw Terrace

Aberdeen

AB10 1XE

REGISTERED NUMBER:

SC280892 (Scotland)

ACCOUNTANTS:

Anne McLennan

Landfall

Findon

Portlethen

Aberdeenshire

AB12 3RL

FIXED ASSETS

Tangible assets

4

25,291

26,281

CURRENT ASSETS

Debtors

5

20,520

39,058

Cash at bank

34,280

81,104

54,800

120,162

CREDITORS

Amounts falling due within one year

6

63,284

119,357

NET CURRENT (LIABILITIES)/ASSETS

(8,484

)

805

TOTAL ASSETS LESS CURRENT LIABILITIES

16,807

27,086

PROVISIONS FOR LIABILITIES

2,294

2,357

NET ASSETS

14,513

24,729

CAPITAL AND RESERVES

Called up share capital

3

3

Share premium

2,398

2,398

Revaluation reserve

7

9,484

9,484

Retained earnings

2,628

12,844

SHAREHOLDERS' FUNDS

14,513

24,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 31 December 2019 and were signed by:

M M Bowie - Director

1.	STATUTORY INFORMATION

First Energy Development Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 10% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2018

40,474

Additions

452

At 31 March 2019

40,926

DEPRECIATION

At 1 April 2018

14,193

Charge for year

1,442

At 31 March 2019

15,635

NET BOOK VALUE

At 31 March 2019

25,291

At 31 March 2018

26,281

The Orcaflex licence is included in the accounts at director's valuation of £20,400.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

7,668

20,052

Other debtors

12,852

19,006

20,520

39,058

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

480

-

Taxation and social security

18,348

19,869

Other creditors

44,456

99,488

63,284

119,357

7.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

9,484

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £36,000 (2018 - £45,000) were paid to the director .

Included in other creditors at 31 March 2019 is an amount due to the director of £40,207 (2018 - £75,672). The

loan is interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is M M Bowie.

The ultimate controlling party is M M Bowie.