Renewable Energy Ventures (Brotherton) L - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC444855 (Scotland)

Financial Statements for the Period 1 July 2018 to 31 December 2019

for

Renewable Energy Ventures (Brotherton)

Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R J Cook

R L Simmonds

REGISTERED OFFICE:

Tlt Llp

140 West George Street

Glasgow

G2 2HG

REGISTERED NUMBER:

SC444855 (Scotland)

SENIOR STATUTORY AUDITOR:

Charles Hinitt FCCA

AUDITORS:

Charles Hinitt & Associates Limited

Chartered Certified Accountants &

Statutory Auditors

48 Belle Vue Terrace

Malvern

Worcestershire

WR14 4QG

FIXED ASSETS

Tangible assets

4

9,290,323

7,618,720

CURRENT ASSETS

Debtors

384,150

316,865

Cash at bank and in hand

663,290

806,623

1,047,440

1,123,488

CREDITORS

Amounts falling due within one year

9,536,740

1,504,325

NET CURRENT LIABILITIES

(8,489,300

)

(380,837

)

TOTAL ASSETS LESS CURRENT LIABILITIES

801,023

7,237,883

CREDITORS

Amounts falling due after more than one year

-

(6,909,067

)

PROVISIONS FOR LIABILITIES

(82,370

)

-

NET ASSETS

718,653

328,816

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

7

-

131,942

Retained earnings

718,553

196,774

718,653

328,816

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2020 and were signed on its behalf by:

R L Simmonds - Director

1.	STATUTORY INFORMATION

Renewable Energy Ventures (Brotherton) 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.

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

-

5% on cost

Taxation

Taxation for the period 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 period 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.

Going concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is

inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the

Directors have also considered the Company’s ability to meet its liabilities as they fall due.

The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated

impact on the Company.

The Directors have therefore reviewed the current and future financial position of the Company, its cash flows,

and its liquidity position, specifically in respect of the above and the potential disruption to the business arising

from a prolonged period of economic downturn, and any impact that this may have on the future of the industry

both on the markets specifically targeted by the company and the industry as a whole.

Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of

approval of the financial statements, the Directors were confident that the existing reserves and support from its

ultimate parent Sedgwick Trading Limited together with external facilities will provide sufficient headroom to

meet the forecast cash requirements that may arise from a downturn in activity as a result of the COVID-19

pandemic.

As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern

basis.

Provision for decommissioning costs

No provision has been made within these accounts for future decommissioning costs of the equipment included

within fixed assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2018

7,880,211

Additions

2,174,330

At 31 December 2019

10,054,541

DEPRECIATION

At 1 July 2018

261,491

Charge for period

502,727

At 31 December 2019

764,218

NET BOOK VALUE

At 31 December 2019

9,290,323

At 30 June 2018

7,618,720

5.	SECURED DEBTS

During the year Santander UK plc held five fixed and floating charges over the assets and undertakings of the

company. One charge was created on 8 February 2017 and registered as a charge at Companies House on 14

February 2017 and remains outstanding at the year end. Four charges were created on 26 January 2017 and

registered as charges at Companies House on 3, 6 and 8 February 2017 and remain outstanding at the year end.

During the year Brunel Wind held four fixed and floating charges over the assets and undertakings of the

company. One charge was created on 8 February 2017 and registered as a charge at Companies House on 14

February 2017 and was satisfied during the year. Three charges were created on 26 January 2017 and registered

as charges at Companies House on 3, 6 and 8 February 2017 and were satisfied during the year..

6.	FINANCIAL INSTRUMENTS

Under FRS 102, derivative financial instruments are classified as 'other financial instruments' and are recognised

as a financial asset or liability at fair value when an entity becomes party to the contractual provisions of the

instrument.

At the end of the current year the derivative instrument had been replaced by new arrangements now held in the

parent company of Renewable Energy Ventures (Brotherton) Limited. The fair value of the derivative instrument

was therefore £nil at 31 December 2019 and has been written off from the fair value reserve against the P&L of

the company.

7.

RESERVES

Fair

value

reserve

£

At 1 July 2018

131,942

SWAP reserve

(131,942

)

At 31 December 2019

-

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)

for and on behalf of Charles Hinitt & Associates Limited

9.	CONTINGENT LIABILITIES

No provision has been made within these accounts for any future decommissioning costs which might be

necessary at the end of the lease with the freeholder. The directors consider that these costs will be covered by

future economic benefits which may accrue after the lease expiry.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is REV Holding Company (Brotherton)Limited.

The company has no ultimate controlling party.