Myreton Windpower Ltd - Filleted accounts

Myreton Windpower Ltd - Filleted accounts

MYRETON WINDPOWER LTD - Company Information

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Registered number
SC410291
Myreton Windpower Ltd
Unaudited Filleted Accounts
31 December 2017
Myreton Windpower Ltd
Registered number: SC410291
Balance Sheet
as at 31 December 2017
As restated
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 1,718,057 1,810,531
Current assets
Debtors 3 207,223 115,321
Cash at bank and in hand 115,331 195,812
322,554 311,133
Creditors: amounts falling due within one year 4 (168,778) (150,010)
Net current assets 153,776 161,123
Total assets less current liabilities 1,871,833 1,971,654
Creditors: amounts falling due after more than one year 5 (1,547,267) (1,622,658)
Provisions for liabilities (205,800) (173,294)
Net assets 118,766 175,702
Capital and reserves
Called up share capital 157 157
Share premium 2,803 2,803
Capital contribution 7 139,956 139,956
Profit and loss account (24,150) 32,786
Shareholders' funds 118,766 175,702
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 and delivered 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 1 May 2018
Myreton Windpower Ltd
Notes to the Accounts
for the year ended 31 December 2017
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 (as applied to small entities by section 1A of the standard).

The accounts have been prepared on a going concern basis as the directors believe there will be sufficient cash to continue operations for the foreseeable future.
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 and from the rendering of services. 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
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.
No depreciation is provided in the year of acquisition.
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.
Accounting Policies continued
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 2017 2,128,539
At 31 December 2017 2,128,539
Depreciation
At 1 January 2017 318,008
Charge for the year 92,474
At 31 December 2017 410,482
Net book value
At 31 December 2017 1,718,057
At 31 December 2016 1,810,531
Finance costs of £41,810 (2016: £41,810) directly attributable to the construction of the tangible fixed assets have been capitalised as part of the cost of these assets.
3 Debtors 2017 2016
£ £
Trade debtors 22,025 17,178
Other debtors 185,198 98,143
207,223 115,321
As restated
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 1,645 10,980
Taxation and social security costs 4,729 3,152
Other creditors 162,404 135,878
168,778 150,010
As restated
5 Creditors: amounts falling due after one year 2017 2016
£ £
Other creditors 1,547,267 1,622,658
As restated
6 Loans 2017 2016
£ £
Creditors include:
Instalments falling due for payment after more than five years 981,135 1,091,919
Secured loans 1,439,217 1,473,407
Jonathan Waxman has a standard security and floating charge over all the assets of the company on behalf of the senior debt holders.
As restated
7 Capital contribution 2017 2016
£ £
At 1 January 139,956 139,956
At 31 December 139,956 139,956
8 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 324,462 359,043
As restated
9 Related party transactions 2017 2016
£ £
C Streeter
Director
Provision of working capital (661) 661
Amount due from (to) the related party - 661
J Waxman
Director
Provision of working capital 15,369 (44,465)
Amount due from (to) the related party (534,458) (549,827)
I Hall
Director (appointed in 2017)
Provision of working capital (534,458) -
Amount due from (to) the related party (534,458) -
Myreton Renewable Energy Limited
Company under common control
Provision of working capital 93,979 (69,201)
Amount due from (to) the related party 102,001 8,022
10 Prior year restatement
The company transitioned to FRS 102 on 1 January 2015. The impact from the transition to FRS 102 relating to the interest free sub debt shareholder loans has been adjusted for as a prior year restatement.

The impact from the transition to FRS 102 is as follows.
Reconciliation of equity and reserves at 1 January 2016 £
Equity and reserves at 1 January 2016 under previous GAAP 127,329
FV adjustment on shareholder loan to capital contribution reserve and associated deferred tax 114,763
Equity and reserves at 1 January 2016 under FRS 102 242,092
Reconciliation of equity and reserves at 31 December 2016 £
Equity and reserves at 31 December 2016 under previous GAAP 77,530
FV adjustment on shareholder loan to capital contribution reserve and associated deferred tax 114,763
FV adjustment on shareholder loan to profit and loss (20,310)
FV tax adjustment on above entries in year 3,719
Equity and reserves at 31 December 2016 under FRS 102 175,702
Shareholder loan
FRS 102 requires that basic debt instruments, including basic loans, be measured at amortised cost using the effective interest method. The company has subordinated interest free loans from the shareholders. The loans have been measured at the present value of future cash flows, discounted at a market rate of interest of 7%. The initial present value adjustment on the loan has been treated as a capital contribution with yearly movements on the loan expensed through the profit and loss.

In line with FRS 102 Section 35u, the company has taken the exemption to restate comparative information.
11 Controlling party
Genesis Energy Ltd controls the company by virtue of a controlling interest (directly or indirectly) in the issued ordinary share capital.
12 Other information
Myreton Windpower Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
6c Canaan Lane
Edinburgh
EH10 4SY
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