SHINNIES_LIMITED - Accounts


Company Registration No. SC432442 (Scotland)
SHINNIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
SHINNIES LIMITED
COMPANY INFORMATION
Directors
Douglas M Davidson
Douglas C Davidson
Company number
SC432442
Registered office
Strathdeveron House
Steven Road
Huntly
AB54 8SX
Accountants
Johnston Carmichael LLP
Strathdeveron House
Steven Road
Huntly
AB54 8SX
Business address
Sinsharnie
Cairnie
HUNTLY
Aberdeenshire
AB54 4TN
SHINNIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHINNIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
356,600
371,641
Investments
3
1
1
356,601
371,642
Current assets
Debtors
4
1,353
6,994
Cash at bank and in hand
538
-
1,891
6,994
Creditors: amounts falling due within one year
5
(106,250)
(51,172)
Net current liabilities
(104,359)
(44,178)
Total assets less current liabilities
252,242
327,464
Creditors: amounts falling due after more than one year
6
(283,532)
(329,135)
Net liabilities
(31,290)
(1,671)
Capital and reserves
Called up share capital
7
208
208
Profit and loss reserves
(31,498)
(1,879)
Total equity
(31,290)
(1,671)

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 2017 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 Act 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 2017
31 March 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 December 2017 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 2017
- 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 comparative period represents the period from 1 January 2015 to 31 March 2016.

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.

These financial statements for the year ended 31 March 2017 are the first financial statements of Shinnies Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Going concern

At the year end, the balance sheet shows a net deficit. 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.

1.3
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.

SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
2
Tangible fixed assets
Wind turbine and associated infrastructure
£
Cost
At 1 April 2016 and 31 March 2017
376,028
Depreciation and impairment
At 1 April 2016
4,387
Depreciation charged in the year
15,041
At 31 March 2017
19,428
Carrying amount
At 31 March 2017
356,600
At 31 March 2016
371,641
3
Fixed asset investments
2017
2016
£
£
Investments
1
1

 

Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 April 2016 & 31 March 2017
1
Carrying amount
At 31 March 2017
1
At 31 March 2016
1
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
1,353
6,994
SHINNIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
3
Other creditors
106,250
51,169
106,250
51,172

Other creditors includes a hire purchase liability of £36,739 which is secured over the asset to which it relates.

6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
283,532
329,135

Other creditors consists of a hire purchase liability which is secured over the asset to which it relates.

7
Called up share capital
2017
2016
£
£
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
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2017
2016
Amounts owed to related parties
£
£
Unicorporated business that directors are materially interested in
64,869
38,704
64,869
38,704

 

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