| Myreton Renewable Energy Limited |
| Registered number: |
SC344891 |
| Balance Sheet |
| as at 31 December 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1,528,475 |
|
|
1,611,633 |
|
| Current assets |
| Debtors |
3 |
|
71,453 |
|
|
198,809 |
| Cash at bank and in hand |
|
|
189,865 |
|
|
172,980 |
|
|
|
261,318 |
|
|
371,789 |
|
| Creditors: amounts falling due within one year |
4 |
|
(90,297) |
|
|
(155,314) |
|
| Net current assets |
|
|
|
171,021 |
|
|
216,475 |
|
| Total assets less current liabilities |
|
|
|
1,699,496 |
|
|
1,828,108 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(1,357,958) |
|
|
(1,448,201) |
|
| Provisions for liabilities |
7 |
|
|
(131,359) |
|
|
(116,176) |
|
|
| Net assets |
|
|
|
210,179 |
|
|
263,731 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
8 |
|
|
142 |
|
|
142 |
| Share premium |
|
|
|
161,452 |
|
|
261,452 |
| Profit and loss account |
|
|
|
48,585 |
|
|
2,137 |
|
| Shareholders' funds |
|
|
|
210,179 |
|
|
263,731 |
|
|
|
|
|
|
|
|
| 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 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. |
|
|
|
|
| J Waxman |
| Director |
| Approved by the board on 6 April 2017 |
|
| Myreton Renewable Energy Limited |
| Notes to the Accounts |
| for the year ended 31 December 2016 |
|
|
| 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.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 January 2014. In preparing the accounts, the Directors have considered whether in applying the accounting policies required by FRS 102, a restatement of comparative items was needed. No restatements were required. |
|
|
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 sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets comprise directly attributable costs in acquiring assets including finance costs and professional fees where appropriate.
Individual fixed assets costing more than £1,000 are capitalised at cost. |
|
|
Depreciation |
|
Depreciation has been provided on a systematic basis in order to write off plant and machinery over the estimated useful economic life of 20 years. |
|
|
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. |
|
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2016 |
1,927,998 |
|
At 31 December 2016 |
1,927,998 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2016 |
316,365 |
|
Charge for the year |
83,158 |
|
At 31 December 2016 |
399,523 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2016 |
1,528,475 |
|
At 31 December 2015 |
1,611,633 |
|
|
|
|
|
|
|
|
|
|
|
Finance costs of £28,074 directly attributable to the construction of the tangible fixed assets have been capitalised in prior years as part of the cost of these assets. No further finance costs have been capitalised in the current year. |
|
|
|
| 3 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Trade debtors |
8,961 |
|
134,846 |
|
Other debtors |
62,492 |
|
63,963 |
|
|
|
|
|
|
71,453 |
|
198,809 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans and overdrafts |
75,226 |
|
73,652 |
|
Trade creditors |
2,616 |
|
1,630 |
|
Other taxes and social security costs |
- |
|
1,210 |
|
Other creditors |
12,455 |
|
78,822 |
|
|
|
|
|
|
90,297 |
|
155,314 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans |
1,014,022 |
|
1,089,248 |
|
Other creditors |
343,936 |
|
358,953 |
|
|
|
|
|
|
1,357,958 |
|
1,448,201 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
1,004,143 |
|
1,116,246 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,089,248 |
|
1,159,827 |
|
|
|
|
|
|
|
|
|
|
Co-operative Bank PLC has a standard security and bond and floating charge over all the assets of the company. |
|
|
| 7 |
Deferred taxation |
2016 |
|
2015 |
| £ |
£ |
|
|
Accelerated capital allowances |
177,082 |
|
176,929 |
|
Tax losses carried forward |
(45,723) |
|
(60,753) |
|
|
|
|
|
|
131,359 |
|
116,176 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£0.001 each |
|
142,280 |
|
142 |
|
142 |
|
|
| 9 |
Dividends |
2016 |
|
2015 |
| £ |
£ |
|
|
Dividends on ordinary shares |
35,570 |
|
177,866 |
|
|
|
|
|
|
|
|
|
|
|
Dividends proposed after the reporting date |
- |
|
35,570 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other financial commitments |
2016 |
|
2015 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
80,332 |
|
88,788 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Related party transactions |
2016 |
|
2015 |
| £ |
£ |
|
R Streeter |
|
Son of a director |
|
Loan amount due to R Streeter |
(1,500) |
|
(1,500) |
|
|
Myreton Windpower Limited |
|
A company under common control |
|
Provision of services and working capital |
69,201 |
|
(75,290) |
|
Amounts due to Myreton Windpower Limited |
(8,022) |
|
(77,223) |
|
|
J Waxman |
|
Director |
|
Movement in loan balance |
7,509 |
|
3,874 |
|
Loan due to J Waxman |
(171,967) |
|
(179,476) |
|
|
| 12 |
Controlling party |
|
|
Clive Street, a director, together with members of his close family, controls the company by virtue of a controlling interest (directly or indirectly) in the issued ordinary share capital. |
|
|
| 13 |
Other information |
|
|
Myreton Renewable Energy Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
6c Canaan Lane |
|
Edinburgh |
|
EH10 4SY |
