Company Registration No. 04518487 (England and Wales)
WINDJEN (BLAEN BOWI) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
WINDJEN (BLAEN BOWI) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WINDJEN (BLAEN BOWI) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,440,000
1,800,000
Current assets
Debtors
3
1,707,179
1,669,196
Cash at bank and in hand
25,015
47,211
1,732,194
1,716,407
Creditors: amounts falling due within one year
4
(645,103)
(913,638)
Net current assets
1,087,091
802,769
Total assets less current liabilities
2,527,091
2,602,769
Provisions for liabilities
(184,646)
(247,046)
Net assets
2,342,445
2,355,723
Capital and reserves
Called up share capital
5
1
1
Revaluation reserve
6
632,962
791,206
Profit and loss reserves
1,709,482
1,564,516
Total equity
2,342,445
2,355,723
The director of the company has 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 director acknowledges his responsibilities for:
-
ensuring that the company keeps accounting records which comply with Sections 386 and 387
of the Companies Act 2006 and
-
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.
T
he 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.
WINDJEN (BLAEN BOWI) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 August 2019
Mr G D Jones
Director
Company Registration No. 04518487
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Windjen (Blaen Bowi) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Bod Hyfryd, Llysfaen, Colwyn Bay, LL29 8TH.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
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:
Plant and equipment
Straight line over 20 years
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 April 2018 and 31 March 2019
3,600,000
Depreciation and impairment
At 1 April 2018
1,800,000
Depreciation charged in the year
360,000
At 31 March 2019
2,160,000
Carrying amount
At 31 March 2019
1,440,000
At 31 March 2018
1,800,000
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2019
2018
£
£
Cost
3,292,741
3,292,741
Accumulated depreciation
(2,634,271)
(2,469,631)
Carrying value
658,470
823,110
Plant and machinery was valued on an open market basis on 25 June 2013 by Carter Jonas LLP. Original cost was £3,292,741 with an upward revaluation in 2013 of £307,259 to £3,600,000.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
107,179
69,196
Amounts owed by group undertakings
1,600,000
1,600,000
1,707,179
1,669,196
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
450,000
450,000
Taxation and social security
99,040
166,945
Other creditors
96,063
296,693
645,103
913,638
There is a debenture in place dated 26 July 2013 given by Windjen (Blaen Bowi) Limited supporting facilities granted by the bank.
A First Legal Charge is in place over the leasehold land known as land lying to the north of Blaen Bowi Windfarm, Capel Iwan, Newcastle Emlyn, dated 26 July 2013, given by the company, supporting bank facilities.
There is a cross guarantee in place dated 24 July 2013 given by Windjen Power Limited, Work Panel Limited and Windjen (Blaen Bowi) Limited, supporting facilities granted by the bank to the company.
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
6
Revaluation reserve
2019
2018
£
£
At the beginning of the year
791,206
949,450
Transfer excess depreciation
(158,244)
(158,244)
At the end of the year
632,962
791,206
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
7
Related party transactions
Jennings Building & Civil Engineering Limited
Windjen (Blaen Bowi) Limited and Jennings Building & Civil Engineering Limited are related by common control.
During the year Windjen (Blaen Bowi) Limited made purchases of £31,329 (2018: £27,536) from Jennings Building & Civil Engineering Limited. Included in creditors is an amount owed by Windjen (Blaen Bowi) Limited of £nil (2018: £200,000) to Jennings Building & Civil Engineering Limited.
Windjen Power Limited
Windjen Power Limited is the parent company of Windjen (Blaen Bowi) Limited. Included in creditors is an amount owed by Windjen (Blaen Bowi) Limited to Windjen Power Limited of £450,000 (2018: £450,000).
Work Panel Limited
Work Panel Limited is the ultimate parent company of Windjen (Blaen Bowi) Limited. Included in debtors is an amount owed to Windjen (Blaen Bowi) Limited of £1,600,000 (2018: £1,600,000) by Work Panel Limited.
8
Parent company
The immediate parent company is Windjen Power Limited, incorporated in England and Wales, which owns 100% of the issued share capital.
The ultimate parent company is Work Panel Limited, incorporated in England and Wales.