FECHEL_ENERGY_LIMITED - Accounts

FECHEL ENERGY LIMITED - Company Information

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Company Registration No. SC381342 (Scotland)

FECHEL ENERGY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2016

FECHEL ENERGY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

FECHEL ENERGY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,322,017

1,361,210

Current assets

Debtors

293,165

255,835

Cash at bank and in hand

94,709

116,840

387,874

372,675

Creditors: amounts falling due within one year

(556,811)

(697,077)

Net current liabilities

(168,937)

(324,402)

Total assets less current liabilities

1,153,080

1,036,808

Creditors: amounts falling due after more than one year

(917,255)

(978,449)

Provisions for liabilities

(54,791)

(22,249)

181,034

36,110

Capital and reserves

Called up share capital

Profit and loss account

181,029

36,105

Shareholders' funds

181,034

36,110

For the financial year ended 31 July 2016 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 26 April 2017

Mr Charles Simmers

Director

Company Registration No. SC381342

FECHEL ENERGY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

- 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 January 2015).

At the year end, the accounts are showing net current liabilities of £168,937 (2015 - £324,402) as a result of significant amounts due to the director from the company. The directors have confirmed that they will ensure all liabilities are met. In coming to this conclusion, the directors have paid particular attention to the period of one year from the date of approval of the financial statements. The director shall not seek repayment of his loan until all due debts have been paid.

1.2

Turnover

Turnover represents amounts receivable for the production and sale of wind energy net of VAT. Turnover is recognised on generation of electricity.

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

- 5% straight line

1.4

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.7

Decommissioning costs

The net present value of the cost of decommissioning the wind farm at the end of its useful economic life has been recognised in the accounts as an additional asset and associated provision. The annual unwinding of the discounted balance will be charged to the profit and loss account as a finance cost.

FECHEL ENERGY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2015

1,419,359

Additions

47,592

Disposals

(14,773)

At 31 July 2016

1,452,178

Depreciation

At 1 August 2015

58,149

Charge for the year

72,012

At 31 July 2016

130,161

Net book value

At 31 July 2016

1,322,017

At 31 July 2015

1,361,210

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £73,717 (2015 - £97,223).

The loan is secured by a personal guarantee provided by the director.

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

603,783

589,558

The aggregate amount of creditors for which security has been given amounted to £917,255 (2015 - £978,449).

The bank loan is secured.

FECHEL ENERGY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 4 -

Share capital

2016

2015

Allotted, called up and fully paid

1 A Ordinary shares of £1 each

1 B Ordinary shares of £1 each

1 C Ordinary shares of £1 each

1 D Ordinary shares of £1 each

1 E Ordinary shares of £1 each