The Orkney Wind Company Limited - Limited company accounts 17.3

REGISTERED NUMBER: SC281328 (Scotland)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

THE ORKNEY WIND COMPANY LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

I J Craigie

M Davies

A M C Davies

D S Gowland

Sir J W M Wrixon-Becher

REGISTERED OFFICE:

Horries

Deerness

Orkney

KW17 2QL

REGISTERED NUMBER:

SC281328 (Scotland)

ACCOUNTANTS:

Synergee Limited

1 The Old Stables

Eridge Park

Tunbridge Wells

Kent

TN3 9JT

The directors present their report with the financial statements of the company for the year ended 30 April 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sourcing and development of wind farm

sites.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2016 to the date of this report.

I J Craigie

M Davies

A M C Davies

D S Gowland

Sir J W M Wrixon-Becher

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

M Davies - Director

25 January 2018

TURNOVER

-

Administrative expenses

(1,182

)

(1,580

)

OPERATING LOSS

(1,182

)

(1,580

)

Amounts written off investments

2,000

-

818

(1,580

)

Interest payable and similar expenses

(226,703

)

(213,741

)

LOSS BEFORE TAXATION

(225,885

)

(215,321

)

Tax on loss

-

LOSS FOR THE FINANCIAL YEAR

(225,885

)

(215,321

)

Retained earnings at beginning of year

(3,691,663

)

(3,476,342

)

RETAINED EARNINGS AT END OF YEAR

(3,917,548

)

(3,691,663

)

CURRENT ASSETS

Debtors

3

60

Cash at bank

747

758

807

818

CREDITORS

Amounts falling due within one year

4

(1,951,328

)

(1,839,479

)

NET CURRENT LIABILITIES

(1,950,521

)

(1,838,661

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,950,521

)

(1,838,661

)

CREDITORS

Amounts falling due after more than one
year

5

(1,967,026

)

(1,853,001

)

NET LIABILITIES

(3,917,547

)

(3,691,662

)

CAPITAL AND RESERVES

Called up share capital

6

1

Retained earnings

7

(3,917,548

)

(3,691,663

)

SHAREHOLDERS' FUNDS

(3,917,547

)

(3,691,662

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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 financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 January 2018 and were signed on its behalf by:

M Davies - Director

1.	STATUTORY INFORMATION

The Orkney Wind Company Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Debt instruments payable after one year including loans and finance leases are initially measured at the present

value of future cash flows and subsequently measured at amortised cost using the effective interest rate method

(EIR).

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are

measured and carried at the consideration expected to be paid or received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Amounts owed by associates

60

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Amounts owed to group undertakings

1,949,917

1,834,689

Amounts owed to associates

-

2,000

Accruals and deferred income

1,411

2,790

1,951,328

1,839,479

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

Amounts owed to group undertakings

1,967,026

1,853,001

6.	CALLED UP SHARE CAPITAL

2017

2016

£

Allotted, called up and fully paid:

75 ordinary A shares of £0.01

0.75

25 ordinary B shares of £0.01

0.25

1.00

7.

RESERVES

Retained earnings

Retained earnings represents distributable reserves of accumulated profits and losses.

8.	RELATED PARTY DISCLOSURES

During the year the company was charged loan interest of £226,703 (2016: £213,803) by Future Electric Holdings

Limited Partnership, the immediate parent.

During the year the company was forwarded a further £2,550 (2016: £nil) of loans from the immediate parent.

As at 30 April 2017, the company owed loans of £3,916,210 (2016: £3,686,956) to the immediate parent.

As at 30 April 2017, the company owed an amount of £733 (2016: £733) payable to fellow subsidiaries.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent and ultimate controlling party is Future Electric Holdings Limited Partnership, a Limited

Partnership formed under the Limited Partnerships Act 1907 and incorporated in the UK.

The financial statements of the parent undertaking are not publicly available.