DC21 Earth SPV Limited Company Accounts

DC21 Earth SPV Limited Company Accounts

DC21 EARTH SPV LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08504151
DC21 EARTH SPV LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 December 2016
WHEAWILL & SUDWORTH LIMITED
Chartered Accountants
35 Westgate
Huddersfield
HD1 1PA
DC21 EARTH SPV LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
Contents
Pages
Officers and professional advisers 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
DC21 EARTH SPV LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
K J Dare
A W Sumner
Registered office
Dene House
North Road
Kirkburton
Huddersfield
HD8 0RW
Accountants
WHEAWILL & SUDWORTH LIMITED
Chartered Accountants
35 Westgate
Huddersfield
HD1 1PA
Bankers
National Westminster Bank plc
8 Market Place
Huddersfield
West Yorkshire
HD1 2AL
Solicitors
Holroyd & Co
27 Market Street
Milnsbridge
Huddersfield
HD3 4ND
DC21 EARTH SPV LIMITED
BALANCE SHEET
31 December 2016
2016
2015
Note
£
£
Fixed assets
Tangible assets
7
2,259,016
2,349,995
Current assets
Debtors
8
114,917
141,893
Cash at bank and in hand
5,356
29,074
------------
------------
120,273
170,967
Creditors: amounts falling due within one year
9
( 848,900)
( 601,199)
------------
------------
Net current liabilities
( 728,627)
( 430,232)
------------
------------
Total assets less current liabilities
1,530,389
1,919,763
Creditors: amounts falling due after more than one year
10
( 1,480,969)
( 1,750,470)
Provisions
Taxation including deferred tax
44,000
23,000
------------
------------
Net assets
93,420
192,293
------------
------------
Capital and reserves
Called up share capital
12
1,000
1,000
Share premium account
299,401
299,401
Profit and loss account
( 206,981)
( 108,108)
------------
------------
Members funds
93,420
192,293
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 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 .
DC21 EARTH SPV LIMITED
BALANCE SHEET (continued)
31 December 2016
These financial statements were approved by the board of directors and authorised for issue on 23 May 2017 , and are signed on behalf of the board by:
K J Dare A W Sumner
Director Director
Company registration number: 08504151
DC21 EARTH SPV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dene House, North Road, Kirkburton, Huddersfield, HD8 0RW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 15.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Wind Turbines
-
5% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2015: 2).
5. Profit before taxation
Loss before taxation is stated after charging:
2016
2015
£
£
Depreciation of tangible assets
124,843
107,876
------------
------------
6. Tax on loss
Major components of tax income
2016
2015
£
£
Deferred tax:
Origination and reversal of timing differences
( 21,000)
( 13,000)
------------
------------
Tax on loss
( 21,000)
( 13,000)
------------
------------
7. Tangible assets
Wind Turbines
£
Cost
At 1 January 2016
2,462,856
Additions
33,864
------------
At 31 December 2016
2,496,720
------------
Depreciation
At 1 January 2016
112,861
Charge for the year
124,843
------------
At 31 December 2016
237,704
------------
Carrying amount
At 31 December 2016
2,259,016
------------
At 31 December 2015
2,349,995
------------
8. Debtors
2016
2015
£
£
Trade debtors
2,208
1,683
Prepayments and accrued income
106,536
134,991
Other debtors
6,173
5,219
------------
------------
114,917
141,893
------------
------------
9. Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
485
1,639
Amounts owed to group undertakings
334,748
170,734
Accruals and deferred income
9,207
21,404
Other creditors
504,460
407,422
------------
------------
848,900
601,199
------------
------------
10. Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
1,480,969
1,750,470
------------
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2016
2015
£
£
Included in provisions
( 44,000)
( 23,000)
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2016
2015
£
£
Accelerated capital allowances
129,700
92,800
Unused tax losses
( 173,700)
( 115,800)
------------
------------
(44,000)
(23,000)
------------
------------
12. Called up share capital
Issued, called up and fully paid
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
600
600
600
600
Ordinary A shares of £ 1 each
400
400
400
400
------------
------------
------------
------------
1,000
1,000
1,000
1,000
------------
------------
------------
------------
The two classes of share rank pari passu in all material respects.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2016
2015
£
£
Later than 5 years
1,512,530
1,608,032
------------
------------
14. Related party transactions
During the year the company completed the supply and installation of a wind turbine from the parent company, DC21 Limited. The consideration for the supply and installation of the wind turbine was the market value of £30,341. Installation services in the amount of £7,606 were carried out by Boston Renewables Limited during the year, a company in which A W Sumner is a director. The other creditors balances at notes 9 and 10 above include amounts owed to a company connected with certain directors and shareholders of DC21 Earth SPV Limited. Interest has been charged at various interest rates and the debt is secured by a charge over the company's assets.
15. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.
16. Ultimate controlling party
The company is a subsidiary of DC21 Limited. There is no one controlling party of this company.