REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED (REGISTERED NUMBER: SC355386) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 5 |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
4 West Craibstone Street |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |
BANKERS: |
Deanery Road |
BRISTOL |
BS1 5AS |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED (REGISTERED NUMBER: SC355386) |
BALANCE SHEET |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED (REGISTERED NUMBER: SC355386) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Udny Community Wind Turbine Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Government grants |
Grants related to expenditure on tangible assets are credited to profit at the same rate as the depreciation on the assets to which the grants relate. The amounts shown in the balance sheet in respect of grants consist of the total grants receivable to date, less the amounts so far credited to profit. Grants of a revenue nature are credited to income in the period to which they relate. |
Gift aid payments to parent charity |
The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity within retained earnings. |
The company does not have any legal obligation in place at the reporting date to make the final gift aid payment in respect of the reporting period to the parent charity. Therefore, gift aid payments are only recognised in the reporting period that the payment is made. The final gift aid payment is planned to be made within 9 months of the end of the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED (REGISTERED NUMBER: SC355386) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Non-cancellable operating leases relate to a land lease agreement which expires in 2037. |
UDNY COMMUNITY WIND TURBINE COMPANY |
LIMITED (REGISTERED NUMBER: SC355386) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank borrowings are secured by a bond and floating charge over all assets and undertakings, a standard security over the company's interest under the lease of the subjects at Tillymaud, Udny, a first debenture over all monies, and a first charge over the share held by Udny Community Trust Company Limited. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
Triodos Bank have guaranteed a contingent liability of £12,500 in respect of a decommissioning bond in favour of Aberdeenshire Council expiring 11 April 2039. |
12. | RELATED PARTY DISCLOSURES |
During the year the company paid £7,559 (2022: £6,720) for bookkeeping services and for managing the company's finances, admin and day to day operations, to Oceangrove Geoscience Limited, a company in which one of the directors is also a director. The balance owing by the company at the year end amounted to £nil (2022: £nil). This amount is included within other creditors. |
13. | ULTIMATE PARENT COMPANY |
Udny Community Trust Company Limited (incorporated in Scotland) is regarded by the directors as being the company's ultimate parent company. The parent company's registered office address is 252 Union Street, Aberdeen, AB10 1TN and it's principal place of business is 14 Oldmeldrum Road, Pitmedden, Ellon, Aberdeenshire, AB41 7AG. |