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COMPANY REGISTRATION NUMBER: 07603748
Wind Prospect Bonds PLC
Financial Statements
30 June 2023
Wind Prospect Bonds PLC
Financial Statements
Year ended 30 June 2023
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the member
5
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
Wind Prospect Bonds PLC
Officers and Professional Advisers
The board of directors
Dr E P Cameron
Dr C W Morris
Registered office
25 Shirleys
Ditchling
Hassocks
England
BN6 8UD
Auditor
Elliott Bunker Limited
Chartered accountants & statutory auditor
61 Macrae Road
Ham Green
Bristol
BS20 0DD
Wind Prospect Bonds PLC
Strategic Report
Year ended 30 June 2023
Business review Further to the Bond Instrument Deed of Variation in 2015 (which has been accepted by 88% of bondholders, holding 92% of bonds by value) in June 2017 Wind Prospect Group Limited (the ultimate holding company) and Wind Prospect Limited (the primary UK trading company) entered into Company Voluntary Arrangements (CVAs) with their creditors on the same basis as the Bond Instrument Variation. In that the fulfilment of all obligations will be through the realisation of income from group development assets. The CVA takes specific account of the sums due to bondholders, both interest and capital, and anticipates that all creditors including bondholders will receive all monies due once sufficient of the development assets have been realised. The CVAs' original duration was 5 years (to June 2022). In order to accommodate delays to projects and hence receipts, both were extended by a further four years from June 2022 following a vote of the creditors. The supervisors continue to be of the view that all creditors will receive all monies due. The bondholders receive updates on the progress of the development assets at least twice yearly. During this accounting period £60,000 worth of bonds were redeemed principally on the death of individual bondholders.
Principal risks and uncertainties The company is dependent upon other group companies realising development assets to enable it to then fulfil its obligations.
Analysis of key performance indicators The company does not trade and so the only key performance indicators considered relevant are the interest payable and the profit or loss for the year. These are both consistent with prior years and within the directors expectations.
Future developments The directors do not have any plans to develop the company in the future but will maintain its current operations with a view to repaying the ReBonds as soon as possible.
This report was approved by the board of directors on 7 November 2023 and signed on behalf of the board by:
Dr E P Cameron
Director
Registered office:
25 Shirleys
Ditchling
Hassocks
England
BN6 8UD
Wind Prospect Bonds PLC
Directors' Report
Year ended 30 June 2023
The directors present their report and the financial statements of the company for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
Dr E P Cameron
Dr C W Morris
The directors do not have any interest in the shareholdings of the company. The directors have an interest in the shares of the ultimate group holding company, Wind Prospect Group Limited, as follows:- Dr E P Cameron 3,750,000 ordinary £0.0001 shares Dr C W Morris 500,000 ordinary £0.0001 shares
Dividends
The directors do not recommend the payment of a dividend.
Greenhouse gas emissions and energy consumption
Principal measures taken to increase energy efficiency
Due to the company not trading no measures have been undertaken to increase the company's energy efficiency.
Information not included
The company does not trade and has nil energy consumption. The sole purpose of the company is to raise finance, via Renewable Energy Bonds, to fund the development of wind farms. In the opinion of the directors no further details of greenhouse gas emissions and energy consumption is required.
Disclosure of information in the strategic report
In accordance with section 414c(11) of the Companies Act 2006 information relating to the business review and to the principal risks and uncertainties of the company have been included in the strategic report on page 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 7 November 2023 and signed on behalf of the board by:
Dr E P Cameron
Director
Registered office:
25 Shirleys
Ditchling
Hassocks
England
BN6 8UD
Wind Prospect Bonds PLC
Independent Auditor's Report to the Member of Wind Prospect Bonds PLC
Year ended 30 June 2023
Opinion
We have audited the financial statements of Wind Prospect Bonds PLC (the 'company') for the year ended 30 June 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its result for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the company is dependent upon the support of other group companies. The ultimate controlling company, Wind Prospect Group Limited, has entered into a Company Voluntary Arrangement CVA with its creditors under which it undertakes to fulfil all commitments to its creditors, including Wind Prospect Bonds PLC , from the proceeds of the sale of development assets.. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Key audit matters: our assessment of risks of material misstatement Key audit matters are those matters that in our professional judgement were of most significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on the allocation of resources in the audit, and directing the efforts of the engagement team. There are no key areas identified as the audit is very low risk with normal audit procedures adequate in all audit areas. We agreed to report to the board of directors any corrected or uncorrected identified misstatements. Identifying and reporting of risks of material misstatement due to fraud To identify risks of material misstatement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: - Enquiries made of the directors. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet targets and our overall knowledge of the control environment, we performed procedures to assess the risks of management override of controls. To address the pervasive risk as it related to management override of controls, we reviewed material journal entries and agreed these to supporting documentation where appropriate. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors. Our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably: - firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting regulation and taxation legislation (income taxes and VAT) and we assessed the extent of compliance with these laws and regulations as part of our procedures in the audit areas relevant to these items. - secondly, the company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and safety laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if any breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Limitations to the ability of the audit to detect fraud or breaches of laws and regulation Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement, and therefore we are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Cridland BSc FCA
(Senior Statutory Auditor)
For and on behalf of
Elliott Bunker Limited
Chartered accountants & statutory auditor
61 Macrae Road
Ham Green
Bristol
BS20 0DD
7 November 2023
Wind Prospect Bonds PLC
Statement of Income and Retained Earnings
Year ended 30 June 2023
2023
2022
Note
£
£
Administrative expenses
12,385
12,314
Other operating income
12,385
12,314
Other interest receivable and similar income
5
153,763
160,062
Interest payable and similar expenses
6
153,763
160,062
---------
---------
Profit before taxation
Tax on profit
----
----
Result for the financial year and total comprehensive income
----
----
Retained earnings at the start of the year
All the activities of the company are from continuing operations.
Wind Prospect Bonds PLC
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Current assets
Debtors
7
2,985,991
3,030,732
Cash at bank and in hand
2,727
5,254
------------
------------
2,988,718
3,035,986
Creditors: amounts falling due within one year
8
1,020,766
1,007,936
------------
------------
Net current assets
1,967,952
2,028,050
------------
------------
Total assets less current liabilities
1,967,952
2,028,050
Creditors: amounts falling due after more than one year
9
1,917,952
1,978,050
------------
------------
Net assets
50,000
50,000
------------
------------
Capital and reserves
Called up share capital
11
50,000
50,000
--------
--------
Shareholder funds
50,000
50,000
--------
--------
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Dr E P Cameron
Director
Company registration number: 07603748
Wind Prospect Bonds PLC
Statement of Cash Flows
Year ended 30 June 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
Adjustments for:
Other interest receivable and similar income
( 153,763)
( 160,062)
Interest payable and similar expenses
153,763
160,062
Accrued expenses
12,828
29,329
Changes in:
Trade and other debtors
44,741
( 2,626)
Trade and other creditors
2
( 2,675)
---------
---------
Cash generated from operations
57,571
24,028
Interest paid
( 153,763)
( 160,062)
Interest received
153,763
160,062
---------
---------
Net cash from operating activities
57,571
24,028
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 60,098)
( 36,001)
---------
---------
Net cash used in financing activities
( 60,098)
( 36,001)
---------
---------
Net decrease in cash and cash equivalents
( 2,527)
( 11,973)
Cash and cash equivalents at beginning of year
5,254
17,227
-------
--------
Cash and cash equivalents at end of year
2,727
5,254
-------
--------
Wind Prospect Bonds PLC
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a public company limited by shares, registered in England and Wales. The address of the registered office is 25 Shirleys, Ditchling, Hassocks, BN6 8UD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
Further to the Bond Instrument Deed of Variation in 2015 (which has been accepted by 88% of bondholders, holding 92% of bonds by value) in June 2017 Wind Prospect Group Limited (the ultimate holding company) and Wind Prospect Limited (the primary UK trading company) entered into Company Voluntary Arrangements (CVAs) with their creditors on the same basis as the Bond Instrument Variation. In that the fulfilment of all obligations will be through the realisation of income from group development assets. The CVA takes specific account of the sums due to bondholders, both interest and capital, and anticipates that all creditors including bondholders will receive all monies due once sufficient of the development assets have been realised.
(c) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: That the going concern principle will apply. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Estimated interest payable has been accrued in these financial statements.
(d) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
2,875
2,750
-------
-------
5. Other interest receivable and similar income
2023
2022
£
£
Interest from group undertakings
153,763
160,062
---------
---------
6. Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
153,763
160,062
---------
---------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings
2,985,977
3,030,169
Other debtors
14
563
------------
------------
2,985,991
3,030,732
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Amounts owed by group undertakings
2,985,977
3,030,169
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29
27
Amounts owed to group undertakings
382,093
382,093
Accruals and deferred income
623,591
610,763
Other creditors
15,053
15,053
------------
------------
1,020,766
1,007,936
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Debenture loans
1,917,952
1,978,050
------------
------------
On 24th July 2011 the company raised an unsecured bond of £2,282,500, before transaction costs, in multiples of £500. The coupon payable is 7.5% for holdings under £10,000 and 8% for holdings above this value. During the period bonds of £60,098 (2022 £36,001) were repaid principally on the death of individual bondholders. Originally Bonds could be redeemed on 22nd July 2016 and annually thereafter subject to the Bondholder providing six months' notice of redemption prior to the anniversary. The bond terms were varied in a previous reporting period, the company varied the terms of its loans from bondholders such that repayments will be made in line with realisation of income from asset sales within the Wind Prospect Group of companies. Some of the transaction costs have been borne by other group companies.
10. Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. See Note 9 to these financial statements for details of debenture loan liabilities outstanding at the balance sheet date.
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
The ordinary shares are not redeemable and carry full voting rights at general meetings of the company.
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Analysis of changes in net debt
At 1 Jul 2022
Cash flows
At 30 Jun 2023
£
£
£
Cash at bank and in hand
5,254
(2,527)
2,727
Debt due within one year
(382,093)
(382,093)
Debt due after one year
(1,978,050)
60,098
(1,917,952)
------------
--------
------------
( 2,354,889)
57,571
( 2,297,318)
------------
--------
------------
14. Related party transactions
The company is part of the WInd Prospect group of companies and has accounts with other companies in the group. During the period the company received interest and recharges from these companies totalling £153,763 (2022 £160,062). As at 30 June 2023 the company had the following balances with other group companies as follows: Wind Prospect Group Ltd - £340,804 (2022 £341,429) debtor Wind Prospect Enterprises Ltd - £2,645,173 (2022 £2,689,038) debtor Wind Prospect Ltd - £(61,753) (2022 £(61,753)) creditor Renewables Direct Ltd - £(320,340) (2022 £(320,340)) creditor
15. Controlling party
The immediate parent undertaking is Wind Prospect Enterprises Limited, a company incorporated in England and Wales. The ultimate controlling undertaking is Wind Prospect Group Limited, a company incorporated in England and Wales.