back to HOOLAN WIND LIMITED detail Hoolan Wind Limited - Filleted accounts
Registered number
SC527109
Hoolan Wind Limited
Filleted Accounts
31 March 2017
Hoolan Wind Limited
Registered number: SC527109
Balance Sheet
as at 31 March 2017
Notes 2017
£
Fixed assets
Tangible assets 3 1,244
Current assets
Debtors 4 8,517
Cash at bank and in hand 31,621
40,138
Creditors: amounts falling due within one year 5 (21,536)
Net current assets 18,602
Net assets 19,846
Capital and reserves
Called up share capital 1
Profit and loss account 19,845
Shareholder's funds 19,846
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Alexander
Director
Approved by the board on 16 June 2017
Hoolan Wind Limited
Notes to the Accounts
for the period from 28 March 2016 to 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments except to the extent that, in the opinion of the directors, there is reasonable probability that the liability will not arise in the forseeable future. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2017
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,556
At 31 March 2017 1,556
Depreciation
Charge for the period 312
At 31 March 2017 312
Net book value
At 31 March 2017 1,244
4 Debtors 2017
£
Trade debtors 6,842
Other debtors 1,675
8,517
5 Creditors: amounts falling due within one year 2017
£
Corporation tax 14,715
Other taxes and social security costs 4,439
Other creditors 2,382
21,536
6 Other information
Hoolan Wind Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
12 Baillieswells Terrace
Bieldside
Aberdeen
AB15 9AR
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