SHINNIES_LIMITED - Accounts


Company Registration No. SC432442 (Scotland)
SHINNIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2016
SHINNIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
SHINNIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
371,641
-
Investments
2
1
-
371,642
-
Current assets
Debtors
6,994
208
6,994
208
Creditors: amounts falling due within one year
3
(51,172)
-
Net current liabilities/(assets)
(44,178)
208
Total assets less current liabilities
327,464
208
Creditors: amounts falling due after more than one year
4
(329,135)
-
(1,671)
208
Capital and reserves
Called up share capital
5
208
208
Profit and loss account
(1,879)
-
Shareholders' deficit
(1,671)
208
For the financial period ended 31 March 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 period 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 December 2016
Douglas M Davidson
Director
Company Registration No. SC432442
SHINNIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). These financial statements represent 15 months to 31 March 2016. The company was dormant in the comparative period.

 

These financial statements represent 15 months to 31 March 2016. The company was dormant in the comparative period.

Going concern

At the year end, the balance sheet shows a net deficit. The turbine construction was completed and it started generating income in December 2015. Future years are expected to be profitable and in the meantime, the directors 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.

1.2
Turnover

Turnover represents amounts receivable f rom the generation of electricity, net of VAT. Turnover is recognised on the accruals basis.rom the generation of electricity, net of VAT. Turnover is recognised on the accruals basis.

1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Wind turbine and associated infrastructure
- 4% straight line
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
SHINNIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2015
-
-
-
Additions
376,028
1
376,029
At 31 March 2016
376,028
1
376,029
Depreciation
At 1 January 2015
-
-
-
Charge for the period
4,387
-
4,387
At 31 March 2016
4,387
-
4,387
Net book value
At 31 March 2016
371,641
1
371,642
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Participating interests
Sinsharnie Wind Limited
Scotland
Ordinary
50.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Sinsharnie Wind Limited
The control of the grid connection on behalf of two related companies.
2
-
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £10,865 (2014 - £0).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £329,135 (2014 - £0).
SHINNIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2016
- 4 -
5
Share capital
2016
2014
£
£
Allotted, called up 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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