Shapinsay Renewables Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC362277 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

Shapinsay Renewables Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs S M Garson

S G Bews

G C B Muir

G W Rendall

S J Meason

SECRETARY:

Mrs D A Sarjeant

REGISTERED OFFICE:

12 Millbank

Balfour

Orkney

KW17 2DU

REGISTERED NUMBER:

SC362277 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

FIXED ASSETS

1,453,062

Tangible assets

2

1,381,523

CURRENT ASSETS

50,081

Debtors

80,732

686,972

Cash at bank

695,067

737,053

775,799

CREDITORS

146,558

Amounts falling due within one year

3

116,686

590,495

NET CURRENT ASSETS

659,113

2,043,557

TOTAL ASSETS LESS CURRENT LIABILITIES

2,040,636

CREDITORS

(1,750,554

)

Amounts falling due after more than one year

3

(1,655,343

)

(49,319

)

PROVISIONS FOR LIABILITIES

(54,267

)

243,684

NET ASSETS

331,026

CAPITAL AND RESERVES

100

Called up share capital

4

100

243,584

Profit and loss account

330,926

243,684

SHAREHOLDERS' FUNDS

331,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 September 2014 and were signed on its behalf by:

Mrs S M Garson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover represents payments for electricity generated during the year, net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 5% on cost

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences

between the recognition of gains and losses in the financial statements and recognition in the tax

computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will

be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the

timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

1,569,823

Additions

7,159

At 31 March 2014

1,576,982

DEPRECIATION

At 1 April 2013

116,761

Charge for year

78,698

At 31 March 2014

195,459

NET BOOK VALUE

At 31 March 2014

1,381,523

At 31 March 2013

1,453,062

3.

CREDITORS

Creditors include an amount of £ 1,635,969 for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

1,108,444

1,234,364

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

5.	ULTIMATE PARENT COMPANY

The ultimate parent company is Shapinsay Development Trust, a charitable company registered in

Scotland (SC255127) as a company limited by guarantee.

6.	RELATED PARTY DISCLOSURES

During the year the company paid the following to Shapinsay Development Trust (parent company):

Gift Aid donations of £58,000

Rent of £15,533

Loan repayments of £8,296

Loan interest of £3,103

Equipment purchased of £7,159

The total loan outstanding to Shapinsay Development Trust at 31 March 2014 was £117,697 (31

March 2013: £122,890) and the total other creditors were £15,546 (31 March 2013: £39,618)