Shovel Ready 7 Limited - Filleted accounts

Shovel Ready 7 Limited - Filleted accounts

CONRAD (CLEVELEYS) LIMITED - Company Information

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Registered number
10758757
Shovel Ready 7 Limited
Filleted Accounts
31 October 2019
Shovel Ready 7 Limited
Registered number: 10758757
Balance Sheet
as at 31 October 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 3 5,542,806 5,190,061
Current assets
Debtors 4 116,297 16,152
Cash at bank and in hand 969,390 368,558
1,085,687 384,710
Creditors: amounts falling due within one year 5 (6,830,329) (5,589,288)
Net current liabilities (5,744,642) (5,204,578)
Net liabilities (201,836) (14,517)
Capital and reserves
Called up share capital 1 1
Profit and loss account (201,837) (14,518)
Shareholders' funds (201,836) (14,517)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J R Parr
Director
Approved by the board on 22 October 2020
Shovel Ready 7 Limited
Notes to the Accounts
for the year ended 31 October 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the generation of electricity and supply of heat during the period.

Turnover from the sale of electricity and supply of heat is recognised when the following conditions are satisfied: the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the transaction and the costs incurred or to be incurred can be measured reliably.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 5-25 years but no depreciation is charged on assets under construction
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going concern
The company recorded a loss in the year of £187,319 (2018: 14,518) and has net liabilities of £201,836 (2018: £14,517). Despite the results for the year ended 31 October 2019 the directors have no reason to believe that any material uncertainties exist that may cast significant doubt about the ability of the company to continue as a going concern.

The Company's major creditor is its parent company and the intercompany loan is only required to be serviced as per the terms of the Loan Agreement. There are no fixed repayments and debt is serviced when free cash is available.

The Directors have reviewed the forecast cash flows of the business and are satisfied that the Company can settle its liabilities as they fall due for the foreseeable future.

Due to the nature of the arrangement with the Company's key creditors the directors are satisfied that the company will have adequate resources to continue in operational existence for the forseeable future. On this basis the directors consider it appropriate to prepare the acccounts on a going concern basis.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company including directors
2 2
3 Tangible fixed assets
Plant and machinery Assets Under Construction Total
£ £ £
Cost
At 1 November 2018 470 5,189,705 5,190,175
Additions 5,652,616 133,365 5,785,981
Transfer on commissioning - (5,323,070) (5,323,070)
At 31 October 2019 5,653,086 - 5,653,086
Depreciation
At 1 November 2018 114 - 114
Charge for the year 110,166 - 110,166
At 31 October 2019 110,280 - 110,280
Net book value
At 31 October 2019 5,542,806 - 5,542,806
At 31 October 2018 356 5,189,705 5,190,061
4 Debtors 2019 2018
£ £
Trade debtors 19,520 -
Other taxes and social security costs 53,154 15,008
Other debtors 43,623 1,144
116,297 16,152
5 Creditors: amounts falling due within one year 2019 2018
£ £
Trade creditors 586,066 12,657
Amounts owed to group undertakings 62,580 -
Taxation and social security costs 4,473 -
Morpheat Limited - Loan Principal 6,032,058 2,734,656
Morpheat Limited - Interest 77,274 110,658
Other creditors 67,878 2,731,317
6,830,329 5,589,288
6 Events after the reporting date
Following the Balance Sheet date, the company repaid all of the Morpheat Limited interest balance.
7 Related party transactions 2019 2018
£ £
Morpheat Limited
Parent company
Secured loan 6,032,058 2,734,656
Amount due to the related party at the balance sheet date 6,111,006 2,845,314
8 Controlling party
The Company's ultimate controlling party at the balance sheet date is Morpheat Limited, a company incorporated in England & Wales, by virtue of it holding 100% of the issued share capital.
9 Other information
Shovel Ready 7 Limited is a private company limited by shares and incorporated in England. Its registered office is: 1 King William Street, London, EC4N 7AF.
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