CORNWALL_POWER_LIMITED - Accounts

CORNWALL POWER LTD - Company Information

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Company Registration No. 07315910 (England and Wales)

CORNWALL POWER LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2015

CORNWALL POWER LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

CORNWALL POWER LIMITED

ABBREVIATED BALANCE SHEET - UNAUDITED

AS AT

31 JULY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

9,523

9,119

Current assets

Debtors

10,183

20,942

Cash at bank and in hand

2,702

5,932

12,885

26,874

Creditors: amounts falling due within one year

(63,074)

(46,582)

Net current liabilities

(50,189)

(19,708)

Total assets less current liabilities

(40,666)

(10,589)

(40,666)

(10,589)

Capital and reserves

Called up share capital

Profit and loss account

(40,668)

(10,591)

Shareholders' funds

(40,666)

(10,589)

For the financial year ended 31 July 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 April 2016

Mr A Williams

Director

Company Registration No. 07315910

CORNWALL POWER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED

FOR THE YEAR ENDED 31 JULY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for the installation of solar arrays. The turnover and loss before taxation are attributable to the one principal activity of the company, all of which arises in the United Kingdom ..

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

33.33% per annum on the straight line method and 15% per annum on the reducing balance method.

Website

33.33% per annum on the straight line method.

1.4

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 August 2014

15,666

Additions

2,557

At 31 July 2015

18,223

Depreciation

At 1 August 2014

6,547

Charge for the year

2,153

At 31 July 2015

8,700

Net book value

At 31 July 2015

9,523

At 31 July 2014

9,119

CORNWALL POWER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS - UNAUDITED (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

2 ordinary shares of £1 each

Related party relationships and transactions

Other transactions

Included in other creditors is a loan from Lanhydrock Farm Partnership, a business owned by Mr A N V Williams, director. The balance owing at the year end was £18,857 (2014: £18,857). This is an interest free loan to the company, repayable on demand.

Included in other creditors is a loan from Cornwall Power (Polmaugan) Limited, a company controlled by Mr A N V Williams and Mr D A Fyffe, directors. The balance owing at the year end was £ nil (2014: £12,442). This is an interest free loan to the company repayable on demand.

Also included in other creditors is £21,772 (2014: £8,614) owing to Mr A N V Williams and £17,925 (2014: £4,768) owing to Mr D A Fyffe, directors, arising from transactions between the company and the directors.

Also included in other creditors is a loan from Lanhydrock Estate Company, a business owned by MR A N V Williams. The balance owing at the year end was £3,195 (2014: £ nil). This is an interest free loan to the company, repayable on demand.