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REGISTERED NUMBER: SC136227 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Shetland Aerogenerators Limited

Shetland Aerogenerators Limited (Registered number: SC136227)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shetland Aerogenerators Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A Ward
M H Thomson
G D Thomson
D H Thomson
Miss L Ward
Mrs S Ward



SECRETARY: M H Thomson



REGISTERED OFFICE: 10 Charlotte Street
Lerwick
Shetland
ZE1 0JL



REGISTERED NUMBER: SC136227 (Scotland)



ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ



BANKERS: The Royal Bank of Scotland
81 Commercial Street
Lerwick
Shetland
ZE1 0AD



SOLICITORS: Harper MacLeod
St Olaf's Hall
Lerwick
Shetland
ZE1 0FD

Shetland Aerogenerators Limited (Registered number: SC136227)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,165,364 3,306,682
Investments 5 1,700,079 1,411,527
4,865,443 4,718,209

CURRENT ASSETS
Debtors 6 3,081,295 2,421,239
Cash at bank 8,117,302 2,293,512
11,198,597 4,714,751
CREDITORS
Amounts falling due within one year 7 1,997,298 768,926
NET CURRENT ASSETS 9,201,299 3,945,825
TOTAL ASSETS LESS CURRENT LIABILITIES 14,066,742 8,664,034

CREDITORS
Amounts falling due after more than one
year

8

-

(37,715

)

PROVISIONS FOR LIABILITIES (305,947 ) (230,787 )
NET ASSETS 13,760,795 8,395,532

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 13,710,795 8,345,532
SHAREHOLDERS' FUNDS 13,760,795 8,395,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Shetland Aerogenerators Limited (Registered number: SC136227)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 October 2023 and were signed on its behalf by:




A Ward - Director G D Thomson - Director




M H Thomson - Director D H Thomson - Director




Miss L Ward - Director Mrs S Ward - Director


Shetland Aerogenerators Limited (Registered number: SC136227)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Shetland Aerogenerators Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced supply of electricity generated from wind power, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - is not depreciated
Tenants improvements - Straight line over 27 years
Plant and machinery - 15 years
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Shetland Aerogenerators Limited (Registered number: SC136227)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are held at cost less permanent diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Land and Tenants Plant and
buildings improvements machinery
£    £    £   
COST
At 1 April 2022 857,809 648,952 5,853,352
Additions - - -
At 31 March 2023 857,809 648,952 5,853,352
DEPRECIATION
At 1 April 2022 - 138,203 4,060,843
Charge for year - 24,035 208,640
At 31 March 2023 - 162,238 4,269,483
NET BOOK VALUE
At 31 March 2023 857,809 486,714 1,583,869
At 31 March 2022 857,809 510,749 1,792,509

Shetland Aerogenerators Limited (Registered number: SC136227)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 32,017 204,281 25,329 7,621,740
Additions 12,489 125,765 8,903 147,157
At 31 March 2023 44,506 330,046 34,232 7,768,897
DEPRECIATION
At 1 April 2022 20,458 72,705 22,849 4,315,058
Charge for year 4,322 48,421 3,057 288,475
At 31 March 2023 24,780 121,126 25,906 4,603,533
NET BOOK VALUE
At 31 March 2023 19,726 208,920 8,326 3,165,364
At 31 March 2022 11,559 131,576 2,480 3,306,682

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 3,001,785
DEPRECIATION
At 1 April 2022 1,267,420
Charge for year 200,119
At 31 March 2023 1,467,539
NET BOOK VALUE
At 31 March 2023 1,534,246
At 31 March 2022 1,734,365

Shetland Aerogenerators Limited (Registered number: SC136227)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022 1,411,527
Additions 693,340
Disposals (404,788 )
At 31 March 2023 1,700,079
NET BOOK VALUE
At 31 March 2023 1,700,079
At 31 March 2022 1,411,527

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,675 91,796
Other debtors 1,133,159 1,185,237
Prepayments and accrued income 1,946,461 1,144,206
3,081,295 2,421,239

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 37,715 452,577
Trade creditors 1,756 36,944
Tax 1,311,687 122,087
VAT 598,049 118,990
Other creditors 12,721 13,296
Accrued expenses 35,370 25,032
1,997,298 768,926

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts - 37,715

9. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements - 3,810

Shetland Aerogenerators Limited (Registered number: SC136227)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102
"The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby
they have occurred under normal market conditions.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be the board of directors.