KEEKLE POWER LIMITED |
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Independent Accountant's Report to the Directors on the Abbreviated Accounts for the period ended 31 March 2016. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Keekle Power Limited for the period ended on 31 March 2016 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us. |
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This report is made solely to the directors of Keekle Power Limited. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Keekle Power Limited and state those matters that we have agreed to state to the directors of Keekle Power Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Keekle Power Limited and its directors for our work or for this report. |
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It is your duty to ensure that Keekle Power Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit or loss. You consider that Keekle Power Limited is exempt from the statutory audit for the period. |
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We have not carried out an audit or review of the financial statements of Keekle Power Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Mrs R H Carter |
37 Southwold Road |
Wrentham |
Beccles |
Suffolk |
NR34 7JE |
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Date: |
05 September 2016 |
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KEEKLE POWER LIMITED |
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Company Number 09393206 |
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Balance Sheet |
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as at 31 March 2016 |
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2016 |
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Note |
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£ |
Fixed assets |
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Tangible assets |
2 |
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3,942 |
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Current assets |
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Debtors |
16,150 |
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Cash at bank |
4,431,331 |
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4,447,481 |
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Creditors: amounts falling due |
(1,511) |
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within one year |
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Net current assets |
4,445,970 |
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Total assets less current liabilities |
4,449,912 |
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Net assets |
4,449,912 |
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Capital and reserves |
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Called up share capital |
3 |
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46,112 |
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Share premium |
4,564,133 |
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Profit and loss account |
(160,333) |
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Shareholders' funds |
4,449,912 |
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The directors consider that the company is entitled to exemption from the requirement to have an audit for the period ended 31 March 2016 under the provisions of section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit for the period ended 31 March 2016 in accordance with section 476 of the Companies Act 2006.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to company accounting records and preparation of accounts.
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The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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These financial statements were approved by the board on 6 October 2016
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O Hughes |
Director |
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Notes on pages 6 to 7 form part of these financial statements |
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KEEKLE POWER LIMITED |
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Notes to the financial statements |
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for the period ended 31 March 2016 |
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1 |
Accounting policies |
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1.1 |
Basis of preparation of financial statements |
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The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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1.2 |
Turnover |
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Turnover represents amounts receivable for energy generated in the period net of any applicable value added tax. Any uninvoiced income is accrued in the period in which it has been generated. |
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1.3 |
Cash flow |
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The company has not prepared a cash flow statement as it qualifies as a small company under the Companies Act 2006 and as such has taken the exemption conferred under FRS1 Cash Flow Statements and the small companies' regime. |
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1.4 |
Going concern |
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The accounts have been prepared on a going concern basis. The directors have prepared forecasts and reviewed capital requirements for twelve months from the date of approving these financial statements, which indicate the business can continue to trade for at least twelve months. |
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1.5 |
Deferred taxation |
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computations. |
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Deferred tax assets are only 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. |
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Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. |
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Deferred tax balances are not discounted. |
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1.6 |
Tangible fixed assets |
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Tangible fixed assets are stated at cost less depreciation. |
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1.7 |
Depreciation |
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Depreciation is calculated on a basis to write off each of the assets over their useful life. |
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Solar installations |
5% |
straight line basis |
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2 |
Tangible assets |
Plant |
Total |
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& equipment |
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£ |
£ |
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Cost |
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Additions |
3,985 |
3,985 |
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At 31 March 2016 |
3,985 |
3,985 |
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Depreciation |
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Depreciation charge for the period |
(43) |
(43) |
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At 31 March 2016 |
(43) |
(43) |
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Net book value |
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At 31 March 2016 |
3,942 |
3,942 |
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3 |
Share capital |
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2016 |
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£ |
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Allotted, called and fully paid: |
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4,610,235 ordinary shares of £0.01 each |
46,102 |
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1,000 participating shares of £0.01 each |
10 |
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46,112 |
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During the period 4,610,235 ordinary shares with a nominal value of £0.01 each were issued for a consideration of £1.00 each. |
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During the period 1,000 participating shares with a nominal value of £0.01 each were issued for a consideration of £0.01 each. |
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Ordinary shares have full voting rights and are entitled to dividends and other distributions. On an exit event the ordinary shareholders are entitled to 100% of proceeds up to the net subscription price of the shares and then 80% of proceeds above that amount. |
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Participating shares have full voting rights. They are not entitled to dividends and other distributions. On an exit event the participating shareholders are entitled to 20% of proceeds in excess of the net subscription price of the ordinary shares. |
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4 |
Related party transactions |
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During the period fees amounting to £148,841 were charged by Oxford Capital Partners LLP, a related party due to its significant influence over the company. At 31 March 2016 £NIL was owed to Oxford Capital Partners LLP. |