Registered Number 05204149

GREENFIELD ENERGY LIMITED

Abbreviated Accounts

31 December 2013

GREENFIELD ENERGY LIMITED Registered Number 05204149

Abbreviated Balance Sheet as at 31 December 2013

Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 123,749 115,264
123,749 115,264
Current assets
Stocks 54,939 199,035
Debtors 2,742,053 908,215
Cash at bank and in hand 176,990 200,062
2,973,982 1,307,312
Creditors: amounts falling due within one year 3 (8,435,525) (4,021,157)
Net current assets (liabilities) (5,461,543) (2,713,845)
Total assets less current liabilities (5,337,794) (2,598,581)
Total net assets (liabilities) (5,337,794) (2,598,581)
Capital and reserves
Called up share capital 4 1,333 1,333
Share premium account 124,667 124,667
Profit and loss account (5,463,794) (2,724,581)
Shareholders' funds (5,337,794) (2,598,581)
  • For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 23 December 2014

And signed on their behalf by:
Mr J J Stewart, Director

GREENFIELD ENERGY LIMITED Registered Number 05204149

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

These accounts are prepared on a going concern basis as the company has the continued financial support of the directors and HREHL Holdco Limited, which company does not intend to recall, prior to 1st January 2016, any loans made to the company.

Compliance with accounting standards
The finical statements are prepared in accordance withapplicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which have been applied consistently (except as otherwise stated).

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery 15% straight line
Computer equipment 15% straight line
Fixtures, fittings & equipment 15% straight line

Other accounting policies
Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2Tangible fixed assets
£
Cost
At 1 January 2013 160,655
Additions 38,334
Disposals -
Revaluations -
Transfers -
At 31 December 2013 198,989
Depreciation
At 1 January 2013 45,391
Charge for the year 29,849
On disposals -
At 31 December 2013 75,240
Net book values
At 31 December 2013 123,749
At 31 December 2012 115,264
3Creditors
2013
£
2012
£
Secured Debts 375,000 375,000
4Called Up Share Capital
Allotted, called up and fully paid:
2013
£
2012
£
13,330 Ordinary shares of £0.10 each 1,333 1,333