Penberth Renewable Power Limited Accounts

PENBERTH RENEWABLE POWER LIMITED - Company Information






Penberth Renewable Power Limited

	Company No. 09913980
		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 operation and management of an anearobic digester plant and the resultant production of energy.




Directors

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

O.G. Hughes			(Resigned 1 February 2019)
G.S. Krempels			(Resigned 31 January 2020)
R.W. Laddle



































































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

D. Mott
Director
30 March 2020

at	31 March 2019
Company No.		09913980	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		4	1,000,000	3,698,186


				1,000,000	3,698,186
Current assets

	Debtors		5	690,387	610,674

	Cash at bank and in hand			241,430	66,712
				931,817	677,386
Creditors: Amount falling due within one year			6	(242,606)	(4,846,722)
Net current assets/(liabilities)				689,211	(4,169,336)
Total assets less current liabilities				1,689,211	(471,150)

Provisions for liabilities
	Deferred taxation		7	-	-

Net assets/(liabilities)				1,689,211	(471,150)

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		9	1,689,210	(471,151)

Total equity				1,689,211	(471,150)



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 from audit 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 30 March 2020
And signed on its behalf by:
D. Mott
Director
30 March 2020

for the year ended 31 March 2019

General information

Its registered number is: 09913980

Its registered office is:

Central House

20 Central Avenue

St Andrews Business Park

Norwich

NR7 0HR

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

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

5-10% Straight line

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 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.

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.

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	4,006,292	4,006,292
		Additions	71,976	71,976



		At 31 March 2019	4,078,268	4,078,268
		Depreciation
		At 1 April 2018	308,106	308,106
		Charge for the year	253,548	253,548

		Transfers	2,516,614	2,516,614

		At 31 March 2019	3,078,268	3,078,268
		Net book values
		At 31 March 2019	1,000,000	1,000,000
		At 31 March 2018	3,698,186	3,698,186

5	Debtors
			2019	2018
			£	£
		Trade debtors	36,284	51,609


		Deferred tax asset (see note 7)	335,127	100,823
		VAT recoverable	58,897	38,090


		Prepayments and accrued income	260,079	420,152
			690,387	610,674

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




		Trade creditors	38,368	28,808
		Amounts owed to group undertakings	147,586	4,765,548




		Accruals and deferred income	56,652	52,366
			242,606	4,846,722

7	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2018	(100,823)	(100,823)
		Charge to the profit and loss account for the period	(234,304)	(234,304)

		At 31 March 2019	(335,127)	(335,127)

		Deferred tax asset (see note 5)

			2019	2018
			£	£
		Accelerated capital allowances	(335,127)	131,865
		Tax losses	-	(232,688)


			(335,127)	(100,823)

Share capital

The company has 100 Ordinary £0.01 shares in issue, all of which are paid up.

Reserves

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

Related party disclosures

2019

2018

Transactions with related parties

Name of related party

Oxford Capital Partners LLP (OXCP)

Description of relationship between the parties

OXCP has a significant influence over the company.

Description of transaction and general amounts involved

OXCP charged fees of £14,579 (2018: £5,439) to the company during the year.

Name of related party

Penberth Power Limited

Description of relationship between the parties

Parent company and controlling party

Description of transaction and general amounts involved

The parent company charged management fees of £120,000 (2018: £120,000) to the company. The parent company also waived an element of the intercompany loan during the year.

Amount due from/(to) the related party

(147,586)

(4,765,548)

Amounts written off in the period in respect of debts from/(to) the related party

4,638,962