Registered number: 13567435
MOR GLAS WIND FARM LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2022
|
MOR GLAS WIND FARM LTD
COMPANY INFORMATION
|
MOR GLAS WIND FARM LTD
CONTENTS
|
|
|
|
Statement of financial position
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
Report to the Directors on the preparation of the unaudited statutory financial statements of Mor Glas Wind Farm Ltd for the period ended 31 December 2022
We have compiled the accompanying financial statements of Mor Glas Wind Farm Ltd (the ‘Company’) based on the information you have provided. These financial statements comprise the Statement of financial position of the Company as at 31 December 2022, the Statement of changes in equity for the period then ended, and a summary of significant accounting policies and other explanatory information.
We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.
We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com
These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 1 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 1 September 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its directors, as a body, for our work or for this report.
Grant Thornton UK LLP
Chartered Accountants
Liverpool
16 November 2023
|
MOR GLAS WIND FARM LTD
REGISTERED NUMBER: 13567435
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOR GLAS WIND FARM LTD
REGISTERED NUMBER: 13567435
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 9 form part of these financial statements.
|
MOR GLAS WIND FARM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive expense for the period
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
Shares issued during the period
|
|
|
|
|
|
Consideration received (as restated - note 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive expense for the period
|
|
|
|
|
|
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
Shares issued during the period
|
|
|
|
|
|
Transfer to called up share capital and share premium account
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 5 to 9 form part of these financial statements.
|
|
MOR GLAS WIND FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Mor Glas Wind Farm Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. Registered number: 13567435. Its registered head office is located at 2nd Floor, Pier House, Pier Road, Pembroke Dock, Pembrokeshire, SA72 6TR, United Kingdom.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
These financial statements cover the period from 1 September 2022 to 31 December 2022. The accounting reference date was shortened to align with that of an affiliated company. The prior period financial statements were prepared for the period from incorporation on 16 August 2021 to 31 August 2022. Therefore, the comparative period figures in these financial statements are not directly comparable.
The Company has net assets at the reporting date of £117,227 (as restated 31 August 2022: £168,850). The Company is dependent on continued financial support from fellow affiliated companies in order to meet its liabilities as they fall due, which the Company will receive for a period of at least 12 months from the date of this report being approved and signed, and the Directors have satisfied themselves that they have sufficient resources to do so. The Directors therefore deem it appropriate to prepare the financial statements on a going concern basis.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional currency and presentation currency is GBP and amounts included in these financial statements are rounded to the nearest pound.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
|
MOR GLAS WIND FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
|
MOR GLAS WIND FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
Basic financial assets
Basic financial assets, which include debtors, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
In the prior period financial statements, a prepayment of £1,800 was not accounted for. The amount is for rent paid in advance. The amount is now accounted for and presented as a prepayment within debtors (note 5) and the Company's profit and loss account has been adjusted accordingly.
In the prior period financial statements, the shares to be issued reserve included the profit and loss account balance of £4,350 as at 31 August 2022. The amount is now accounted for and presented as profit and loss account within capital and reserves, increasing the shares to be issued reserve by £4,350.
In the prior period financial statements, the shares to be issued reserve also included amounts owed by group undertakings of £100. The amount is now accounted for and presented within debtors (note 5), increasing the shares to be issued reserve and debtors by £100.
The loss for the period ended 31 August 2022 of £6,150 is now restated as loss for the period then ended of £4,350. Net assets for the period ended 31 August 2021 of £166,950 is now restated as net assets for the period ended of £168,850.
|
MOR GLAS WIND FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
|
The Company has no employees (as restated period from 16 August 2021 to 31 August 2022: None) other than the directors, who did not receive any remuneration (as restated period from 16 August 2021 to 31 August 2022: £Nil).
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
Amounts owed by group undertakings (note 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
14,124 (31 August 2022: 100) Ordinary shares of £0.01 each (31 August 2022: £1.00 each)
|
|
|
|
MOR GLAS WIND FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
7.Called up share capital (continued)
On 10 November 2022, the Company passed a written resolution for the sub-division of its share capital. The Company's 100 Ordinary shares of £1.00 were subdivided into 10,000 Ordinary shares of £0.01 each.
On 10 November 2022, the Company issued 3,530 Ordinary shares with a nominal value of £0.01 each for par value.
On 10 November 2022, the Company issued 594 Ordinary shares with a nominal value of £0.01 each for a total consideration of £173,065.
Called up share capital
Called up share capital represents the nominal value of shares issued.
Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Shares to be issued
Shares to be issued represents consideration received in advance of issuing share capital.
Profit and loss account
The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the Company, including distributions to, and contributions from, the shareholders.
|
Related party transactions
|
|
The Company had no related party transactions during the period (as restated period from 16 August 2021 to 31 August 2022: £Nil).
|
There have been no significant events affecting the Company since the reporting date.
|
Ultimate parent undertaking and controlling party
|
The Company's ultimate parent undertaking and controlling party is Hiraeth Energy LLP, 2nd Floor, Pier House, Pier Road, Pembroke Dock, SA72 6TR, a limited liability partnership incorporated in England and Wales. Copies of Hiraeth Energy LLP company financial statements can be obtained from https://find-and-update .company-information .service.gov.uk /company/OC438429.
|
|