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Registered number: SC716149









MAGNORA OFFSHORE WIND N3 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
MAGNORA OFFSHORE WIND N3 LIMITED
 
 
COMPANY INFORMATION


Directors
H J Alfstad 
B F Buhot 
H Wiger 




Company secretary
Burness Paull LLP



Registered number
SC716149



Registered office
2 Marischal Square
Broad Street

Aberdeen

Scotland

AB10 1DQ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Royal Liver Building

Liverpool

L3 1PS





 
MAGNORA OFFSHORE WIND N3 LIMITED
 

CONTENTS



Page
Accountants' report
1
Statement of financial position
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9


  
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Report to the Directors on the preparation of the unaudited statutory financial statements of Magnora Offshore Wind N3 Limited for the period ended 31 December 2022 

We have compiled the accompanying financial statements of Magnora Offshore Wind N3 Limited (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 Standardsincluding 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 Waleswe 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 2023Our 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
Page 1

 
MAGNORA OFFSHORE WIND N3 LIMITED
REGISTERED NUMBER: SC716149

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Intangible assets
 4 
9,355,833

 
Current assets
  

Creditors: amounts falling due within one year
 5 
(2,680,612)

Net current liabilities
  
 
 
(2,680,612)

Total assets less current liabilities
  
6,675,221

Creditors: amounts falling due after more than one year
 6 
(10,487,431)

  

Net liabilities
  
(3,812,210)


Capital and reserves
  

Called up share capital 
 7 
1,000

Profit and loss account
  
(3,813,210)

Shareholder's deficit
  
(3,812,210)


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: 


H J Alfstad
Director

Date: 14 November 2023

The notes on pages 5 to 9 form part of these financial statements.
Page 2

 
MAGNORA OFFSHORE WIND N3 LIMITED
REGISTERED NUMBER: SC716149
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022


Page 3

 
MAGNORA OFFSHORE WIND N3 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Shareholder's deficit

£
£
£


Comprehensive expense for the period

Loss for the period
-
(3,813,210)
(3,813,210)


Contributions by and distributions to owners

Shares issued during the period
1,000
-
1,000


At 31 December 2022
1,000
(3,813,210)
(3,812,210)

The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
MAGNORA OFFSHORE WIND N3 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Magnora Offshore Wind N3 Limited (the "Company") is a private company limited by shares and incorporated in Scotland. Registered number: SC716149. Its registered head office is located at 2 Marischal Square, Broad Street, Aberdeen, Scotland, AB10 1DQ. 

2.Accounting policies

 
2.1

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:

  
2.2

Accounting period

These financial statements cover the period from incorporation on 26 November 2021 to 31 December 2022. The accounting reference date was lengthened to align with that of fellow group companies.

 
2.3

Going concern

The Company has net liabilities at the reporting date of £3,812,210. The Company is dependent on continued financial support from fellow group 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. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional 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.

Page 5

 
MAGNORA OFFSHORE WIND N3 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.5

Finance costs

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Taxation

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.

  
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The estimated useful lives range as follows:
Contract - 10 years
Costs associated with the contract comprise of the licence fee. The licence is for the restricted use of land. It is probable that the expected future economic benefits that are attributable to the restricted use of the land will flow to the Company. The contract is amortised over the period which economic benefits are derived from the asset.

 
2.9

Creditors

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.

Page 6

 
MAGNORA OFFSHORE WIND N3 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.10

Financial instruments

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.

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.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration.

Page 7

 
MAGNORA OFFSHORE WIND N3 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Intangible assets



Contract

£



Cost


Additions
10,300,000



At 31 December 2022

10,300,000



Amortisation


Charge for the period
944,167



At 31 December 2022

944,167



Net book value



At 31 December 2022
9,355,833

On 9 February 2022, the Company entered into a contract for the restricted use of land. The contract is amortised over the contract period.
Amortisation on intangible assets is charged to administrative expenses in profit or loss. 




5.


Creditors: amounts falling due within one year

2022
£

Loans owed to group undertakings
2,615,049

Accruals
65,563

2,680,612


Loans owed to group undertakings are unsecured, incur interest of 6 month Norwegian Interbank Offered Rate ("Nibor") +4% per annum and are repayable on demand. 

Page 8

 
MAGNORA OFFSHORE WIND N3 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Creditors: amounts falling due after more than one year

2022
£

Loans owed to group undertakings
10,487,431


Loans owed to group undertakings are unsecured, incur interest of 6 month Nibor +4% per annum and are repayable on 1 September 2025. 


7.


Called up share capital

2022
£
Allotted, called up and fully paid


1,000 Ordinary shares of £1.00 each
1,000


On incorporation on 26 November 2021, the Company issued 1,000 Ordinary shares with a nominal value £1.00 each for par value. 


8.


Subsequent events

There have been no significant events affecting the Company since the reporting date.


9.


Ultimate parent undertaking and controlling party

The Company's immediate parent undertaking is Magnora Offshore Wind AS, a company incorporated in Norway.
The Company's ultimate parent undertaking and controlling party is Magnora ASA, Karenslyst Allé 6, 0277 Oslo, a company incorporated in Norway. Magnora ASA is the smallest and largest group that prepares consolidated financial statements that include the Company, which can be obtained from https://magnoraasa.com /services/financial -reports/.

Page 9