Silverfin false 31/03/2023 01/04/2022 31/03/2023 James Graham Twatt 05/09/2012 Dianne Elizabeth Wiseman 05/09/2012 05 October 2023 The principal activity of the company continued to be that of the provision of wind generated electricity. SC431924 2023-03-31 SC431924 bus:Director1 2023-03-31 SC431924 bus:Director2 2023-03-31 SC431924 2022-03-31 SC431924 core:CurrentFinancialInstruments 2023-03-31 SC431924 core:CurrentFinancialInstruments 2022-03-31 SC431924 core:Non-currentFinancialInstruments 2023-03-31 SC431924 core:Non-currentFinancialInstruments 2022-03-31 SC431924 core:ShareCapital 2023-03-31 SC431924 core:ShareCapital 2022-03-31 SC431924 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC431924 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC431924 core:OtherPropertyPlantEquipment 2022-03-31 SC431924 core:OtherPropertyPlantEquipment 2023-03-31 SC431924 core:DeferredTaxation 2023-03-31 SC431924 core:DeferredTaxation 2022-03-31 SC431924 core:OtherProvisionsContingentLiabilities 2023-03-31 SC431924 core:OtherProvisionsContingentLiabilities 2022-03-31 SC431924 core:SwapContract core:CurrentFinancialInstruments 2023-03-31 SC431924 core:SwapContract core:CurrentFinancialInstruments 2022-03-31 SC431924 core:SwapContract core:Non-currentFinancialInstruments 2023-03-31 SC431924 core:SwapContract core:Non-currentFinancialInstruments 2022-03-31 SC431924 bus:OrdinaryShareClass1 2023-03-31 SC431924 core:WithinOneYear 2023-03-31 SC431924 core:WithinOneYear 2022-03-31 SC431924 core:BetweenOneFiveYears 2023-03-31 SC431924 core:BetweenOneFiveYears 2022-03-31 SC431924 2022-04-01 2023-03-31 SC431924 bus:FullAccounts 2022-04-01 2023-03-31 SC431924 bus:SmallEntities 2022-04-01 2023-03-31 SC431924 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC431924 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC431924 bus:Director1 2022-04-01 2023-03-31 SC431924 bus:Director2 2022-04-01 2023-03-31 SC431924 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC431924 2021-04-01 2022-03-31 SC431924 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC431924 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC431924 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC431924 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC431924 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC431924 (Scotland)

MILWIND LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

MILWIND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

MILWIND LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
MILWIND LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,994,154 3,222,390
2,994,154 3,222,390
Current assets
Debtors 4 415,595 436,598
Cash at bank and in hand 760,334 572,193
1,175,929 1,008,791
Creditors: amounts falling due within one year 5 ( 911,162) ( 1,150,040)
Net current assets/(liabilities) 264,767 (141,249)
Total assets less current liabilities 3,258,921 3,081,141
Creditors: amounts falling due after more than one year 6 ( 1,641,198) ( 1,910,493)
Provision for liabilities 7 ( 415,218) ( 409,683)
Net assets 1,202,505 760,965
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 1,202,405 760,865
Total shareholder's funds 1,202,505 760,965

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Milwind Limited (registered number: SC431924) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

Dianne Elizabeth Wiseman
Director
MILWIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
MILWIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Milwind Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Easter Cushnie, Gamrie, Banff, AB45 3HT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable from wind generated electricity and its recognised on a generation basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derivative financial instruments
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in the statement of income and retained earnings immediately.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the statement of income and retained earnings immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The cost of decommissioning the wind turbines at the end of their useful economic life has been recognised in the accounts as a component of the wind turbine asset and associated provision.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 4,610,727 4,610,727
At 31 March 2023 4,610,727 4,610,727
Accumulated depreciation
At 01 April 2022 1,388,337 1,388,337
Charge for the financial year 228,236 228,236
At 31 March 2023 1,616,573 1,616,573
Net book value
At 31 March 2023 2,994,154 2,994,154
At 31 March 2022 3,222,390 3,222,390

4. Debtors

2023 2022
£ £
Other debtors 415,595 436,598

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 269,295 251,006
Trade creditors 5,246 71,731
Amounts owed to Group undertakings 208,908 108,908
Taxation and social security 149,109 19,496
Other creditors 278,604 698,899
911,162 1,150,040

Bank loans are secured by a fixed security and floating charge over the assets and undertakings of the company. There is also a negative pledge to restrict the company from creating further security that will rank equally with or ahead of the charge.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 1,641,198 1,910,493

Bank loans are secured by a fixed security and floating charge over the assets and undertakings of the company. There is also a negative pledge to restrict the company from creating further security that will rank equally with or ahead of the charge.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 369,218 363,683
Other provisions 46,000 46,000
415,218 409,683

The decommissioning provision is in respect of a provision for the decommissioning of the two wind turbines at the end of their useful economic lives.

8. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2023 2022
£ £
Financial liabilities at fair value
Derivative financial liabilities due within one year (note 9) ( 103,060) 2,061

9. Derivative financial instruments

Due within one year Due after one year
2023 2022 2023 2022
£ £ £ £
Financial liabilities included at fair value (included in creditors)
Swap contract ( 103,060) 2,061 0 0

The Interest Rate Swap arrangement has a fixed and floating rate. Interest is charged 6 monthly and the arrangement matures on 31 March 2026.

The Interest Rate Swap arrangement has been accounted for at fair value based on the valuation carried out by the bank at 31 March 2023. Fair value is based on discounted cashflows over the term of the arrangement and the anticipated cashflows are a factor of the fixed and floating interest rates applied in the arrangement.

The main conditions that may affect the amount, timing and certainty of cashflows is the movement in variable rate of exchange.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 70,351 70,351
between one and five years 281,404 281,404
351,755 351,755

Operating lease payments represent rentals payable by the company for the land on which the turbines are situated. Rent is payable for the period from the date of commissioning to the earlier of; the decommissioning date and; the day before the date of expiry of the planning permission. Rent per annum is £70,351 index linked.

Where applicable, from the date of expiry of the planning permission until the decommissioning date rent of £1,000 per annum, index linked, for each and every wind turbine generator constructed is payable.

The planning permission granted shall endure for a period of 25 years from commencement of the development of the wind turbines.

Amounts due in over 5 years is unknown and will be payable to the earlier of: the decommissioning date and: the day before the date of expiry of the planning permission.

Other financial commitments

2023 2022
£ £
Commitments in respect of parents and subsidiaries 969,806 1,259,898

The company is party to a cross guarantee with Greenhill Renewables Limited. Greenhill Renewables Limited is a wholly owned subsidiary of the holding company Furlin Ltd.