Barden Energy Limited - Period Ending 2013-12-31

Registration number: 06684927

Barden Energy Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

3CA Limited
Chartered Accountants and Business Advisors
Kent Cottage
Bridge Lane
Kendal
LA9 7DD

Barden Energy Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Barden Energy Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Barden Energy Limited for the year ended 31 December 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Barden Energy Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Barden Energy Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barden Energy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Barden Energy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Barden Energy Limited. You consider that Barden Energy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Barden Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

3CA Limited
Chartered Accountants and Business Advisors
Kent Cottage
Bridge Lane
Kendal
LA9 7DD

12 September 2014

Page 1

Barden Energy Limited
(Registration number: 06684927)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					5,580			6,580
Tangible fixed assets					502,417			303,872
					507,997			310,452
Current assets
Stocks					72,703			70,525
Debtors					380,635			136,390
Cash at bank and in hand					227,266			20,102
					680,604			227,017
Creditors: Amounts falling due within one year					(1,013,446)			(234,166)
Net current liabilities					(332,842)			(7,149)
Total assets less current liabilities					175,155			303,303
Creditors: Amounts falling due after more than one year					(152,582)			(70,344)
Net assets					22,573			232,959
Capital and reserves
Called up share capital		4			1,000			1,000
Share premium account					199,550			199,550
Profit and loss account					(177,977)			32,409
Shareholders' funds					22,573			232,959

For the year ending 31 December 2013 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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 12 September 2014 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Barden Energy Limited
(Registration number: 06684927)
Abbreviated Balance Sheet at 31 December 2013
......... continued

.........................................
W T Barden
Director

.........................................
D A Nuttall
Director

.........................................
M D W Frost
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Barden Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold property	5% reducing balance basis
Plant and machinery	10% reducing balance basis
Motor vehicles	25% reducing balance basis
Office equipment	20% to 33% reducing balance basis

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Barden Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2013		10,000			354,746			364,746
Additions		-			229,906			229,906
At 31 December 2013		10,000			584,652			594,652
Depreciation
At 1 January 2013		3,420			50,874			54,294
Charge for the year		1,000			31,361			32,361
At 31 December 2013		4,420			82,235			86,655
Net book value
At 31 December 2013		5,580			502,417			507,997
At 31 December 2012		6,580			303,872			310,452

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 5

Barden Energy Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

		2013 £			2012 £
Amounts falling due within one year		10,243			11,057
Amounts falling due after more than one year		51,217			61,461
Total secured creditors		61,460			72,518

Included in the creditors are the following amounts due after more than five years:

		2013 £			2012 £
After more than five years by instalments		10,244			20,488

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

5	Related party transactions

Directors' advances and credits

	2013 Advance/ Credit £	2013 Repaid £	2012 Advance/ Credit £	2012 Repaid £
W T Barden
Director’s loan account (Interest has been charged at 4% per annum. There are no repayment terms in respect of this loan).	-	32,923	32,923	-

Page 6