Company Registration No. SC432442 (Scotland)
SHINNIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
SHINNIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SHINNIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
326,518
341,559
Investments
4
1
1
326,519
341,560
Current assets
Debtors
5
437
781
Cash at bank and in hand
114
1,302
551
2,083
Creditors: amounts falling due within one year
6
(180,052)
(139,123)
Net current liabilities
(179,501)
(137,040)
Total assets less current liabilities
147,018
204,520
Creditors: amounts falling due after more than one year
7
(203,495)
(244,647)
Net liabilities
(56,477)
(40,127)
Capital and reserves
Called up share capital
8
208
208
Profit and loss reserves
(56,685)
(40,335)
Total equity
(56,477)
(40,127)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SHINNIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 December 2019 and are signed on its behalf by:
Douglas M Davidson
Director
Company Registration No. SC432442
SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Shinnies Limited is a private company limited by shares incorporated in Scotland. The registered office is Strathdeveron House, Steven Road, HUNTLY, AB54 8SX and the business address is Sinsharnie, Cairnie, Huntly, Aberdeenshire, AB54 4TN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end, the balance sheet shows a net deficit. The company has suffered losses due to technological issues and the service company going into liquidation. The directors are hopeful that the situation will improve going forward and in the meantime, have agreed to support the company to ensure all liabilities are met as they fall due. The directors therefore believe the financial statements should be prepared on the going concern basis. true
1.3
Turnover
Turnover represents amounts receivable from the generation of electricity, net of VAT. Turnover is recognised on the accruals basis at the point of generation.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Wind turbine and associated infrastructure
- 4% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets comprise of deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include cash and bank balances, are measured at transaction price including transaction costs. Basic financial assets are assessed for indicators of impairment at each financial reporting date with any resulting impairment reflected through the profit and loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Tangible fixed assets
Wind turbine and associated infrastructure
£
Cost
At 1 April 2018 and 31 March 2019
376,028
Depreciation and impairment
At 1 April 2018
34,469
Depreciation charged in the year
15,041
At 31 March 2019
49,510
Carrying amount
At 31 March 2019
326,518
At 31 March 2018
341,559
4
Fixed asset investments
2019
2018
£
£
Investments
1
1
SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 April 2018 & 31 March 2019
1
Carrying amount
At 31 March 2019
1
At 31 March 2018
1
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
437
781
6
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
41,153
38,884
Other creditors
134,975
95,946
Accruals and deferred income
3,924
4,293
180,052
139,123
The current hire purchase liability is secured over the asset to which it relates.
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
203,495
244,647
The long term hire purchase liability is secured over the asset to which it relates.
SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary 'A' shares of £1 each
100
100
100 Ordinary 'B' shares of £1 each
100
100
8 Ordinary 'C' shares of £1 each
8
8
208
208
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