Report of the Directors and. Unaudited Financial Statements for the Year Ended 31 December for BRO DYFI COMMUNITY RENEWABLES LIMITED

Transcription

1 Report of the Directors and Unaudited Financial Statements for

2 Contents of the Financial Statements Page Company Information 1 Report of the Directors 2 Chartered Certified Accountants' Report 3 Profit and Loss Account 4 Balance Sheet 5 Notes to the Financial Statements 6 Trading and Profit and Loss Account 9

3 Company Information DIRECTORS: J Williams D Kerridge B Langley R Edwards M Philips S Kuznetsov H Chandler SECRETARY: S Kuznetsov REGISTERED OFFICE: Unit 1 Dyfi Eco parc Machynlleth Powys SY20 9RA REGISTERED NUMBER: 29283R (England and Wales) BANKERS: Co-operative Bank Plc 1 Ballon Street Manchester M60 4EP SOLICITORS: Powell Davies Solicitors Market Chambers 27 Eastgate Aberystwyth SY23 2AR Page 1

4 Report of the Directors The directors present their report with the financial statements of the company for the year ended 31 December PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of generation and supply of electricity from renewable sources. The Company is registered with the Financial Services Authority under the Industrial and Provident Societies Act DIRECTORS The directors set out in the table below have held office during the whole of the period from 1 January 2011 to the date of this report. The beneficial interests of the directors holding office at 31 December 2011 in the shares of the company, according to the register of directors' interests, were as follows: Ordinary shares of 1 each shares of 1 each J Williams D Kerridge 1,500 1,500 B Langley 1,500 1,500 R Edwards 1,200 1,200 M Philips 1,600 1,600 S Kuznetsov H Chandler 2,500 2,500 These directors did not hold any non-beneficial interests in the shares of the company. In accordance with Co-operatives Rules of Association, all officers retire at the end of the year but are eligible for re-election. STATEMENT OF DIRECTORS' RESPONSIBILITIES The Directors are required by law to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the company. In preparing those financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on a going concern basis. The directors' are responsible for keeping proper accounting records which disclose whit reasonable accuracy at any time the financial position of the company and to enable it to ensure that the financial statements comply with the Industrial and Providence Society Act 1965 and the Friendly and Industrial and Provident Society Act They are also responsible for safeguarding the assets of the society and hence for taking reasonable steps for the prevention of detection of fraud and other irregularities. ON BEHALF OF THE BOARD:... S Kuznetsov - Secretary Date:... Page 2

5 Chartered Certified Accountants' Report to the Board of Directors on the Unaudited Financial Statements of The directors of the society are responsible for the preparation of the financial statements for the year ended 31 December 2011, set out on pages 5 to 8. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. Date:... Major & Evans Bull House 15 Penrallt Street Machynlleth Powys SY20 8AG This page does not form part of the statutory financial statements Page 3

6 Profit and Loss Account Notes TURNOVER 2 76,760 1,869 Cost of sales 48,736 16,601 GROSS PROFIT/(LOSS) 28,024 (14,732) Administrative expenses 1, ,422 (15,490) Other operating income 4,843 2,926 OPERATING PROFIT/(LOSS) 3 31,265 (12,564) Interest receivable and similar income ,276 (12,555) Interest payable and similar charges 5,651 2,409 PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 25,625 (14,964) Tax on profit/(loss) on ordinary activities PROFIT/(LOSS) FOR THE FINANCIAL YEAR 25,625 (14,964) The notes form part of these financial statements Page 4

7 Balance Sheet 31 December 2011 Notes FIXED ASSETS Tangible assets 5 250,745 36,668 CURRENT ASSETS Debtors 6 31, ,075 Prepayments and accrued income - 5,378 Cash at bank 18,632 2,992 50, ,445 CREDITORS Amounts falling due within one year 7 32,808 30,379 NET CURRENT ASSETS 17, ,066 TOTAL ASSETS LESS CURRENT LIABILITIES 268, ,734 CREDITORS Amounts falling due after more than one year 8 (11,681) (16,729) ACCRUALS AND DEFERRED INCOME 9 (45,144) (47,060) NET ASSETS 211, ,945 CAPITAL AND RESERVES Called up share capital , ,000 Profit and loss account 11 (1,430) (27,055) SHAREHOLDERS' FUNDS 211, ,945 The financial statements were approved by the Board of Directors on its behalf by:... and were signed on... R Edwards - Director... J Williams - Director The notes form part of these financial statements Page 5

8 Notes to the Financial Statements 1. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Exemption from preparing a cash flow statement Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. Tangible fixed assets Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset as follows: V17 Windturbine - straight line over 15 years ( 5,058/year) Nordtank Windturbine - straight line over 15 years ( 15,653/year) Government Grants Grants related to purchase of assets are treated as deferred income and allocated to income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement. 2. TURNOVER The turnover shown in the profit and loss account represents amounts receivable for the sales of electricity during the year, excluding Value Added Tax and trade discounts. 3. OPERATING PROFIT/(LOSS) The operating profit ( operating loss) is stated after charging: Depreciation - owned assets 20,711 5,058 Directors' remuneration and other benefits etc TAXATION Analysis of the tax charge No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2011 nor for the year ended 31 December Page 6 continued...

9 Notes to the Financial Statements - continued 5. TANGIBLE FIXED ASSETS Motor V17 NTK vehicles Totals COST At 1 January , ,366 Additions - 234, ,788 At 31 December , , ,154 DEPRECIATION At 1 January , ,698 Charge for year 5,058 15,653-20,711 At 31 December ,256 15, ,409 NET BOOK VALUE At 31 December , , ,745 At 31 December , , DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 9, ,011 Other debtors 22, , , CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts 10,700 13,272 Trade creditors 19,594 3,428 Other creditors 2,514 13,679 32,808 30, CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans 11,681 16, ACCRUALS AND DEFERRED INCOME Deferred government grants 45,144 47,060 Page 7 continued...

10 Notes to the Financial Statements - continued 10. CALLED UP SHARE CAPITAL Allotted, issued and fully paid: Number: Class: Nominal value: 213,000 Ordinary shares of 1 each 1 213, , RESERVES Profit and loss account At 1 January 2011 (27,055) Profit for the year 25,625 At 31 December 2011 (1,430) Page 8

11 Trading and Profit and Loss Account Sales 76,760 1,869 Cost of sales Repairs 15,585 1,729 Subscription Insurance 4,078 4,347 Electricity and utilities 5,002 2,233 Rent and rates 2,865 2,819 Telephone Depreciation of tangible fixed assets 20,711 5,058 48,736 16,601 GROSS PROFIT/(LOSS) 28,024 (14,732) Other income Grant Income released 4,843 2,926 Deposit account interest ,854 2,935 32,878 (11,797) Expenditure Accountancy Bookkeeping Sundry expenses 220-1, ,473 (12,513) Finance costs Bank charges Finance Wales loan interest 5,651 2,409 5,848 2,451 NET PROFIT/(LOSS) 25,625 (14,964) This page does not form part of the statutory financial statements Page 9