0 false false true false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 5,556,526 5,556,526 xbrli:pure xbrli:shares iso4217:GBP 03840875 2023-01-01 2023-12-31 03840875 2023-12-31 03840875 2022-12-31 03840875 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03840875 bus:Director1 2023-01-01 2023-12-31 03840875 core:WithinOneYear 2023-12-31 03840875 core:WithinOneYear 2022-12-31 03840875 core:PlantMachinery 2023-12-31 03840875 core:ShareCapital 2023-12-31 03840875 core:ShareCapital 2022-12-31 03840875 core:RetainedEarningsAccumulatedLosses 2023-12-31 03840875 core:RetainedEarningsAccumulatedLosses 2022-12-31 03840875 core:BetweenOneFiveYears 2023-12-31 03840875 core:BetweenOneFiveYears 2022-12-31 03840875 core:MoreThanFiveYears 2023-12-31 03840875 core:MoreThanFiveYears 2022-12-31 03840875 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03840875 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03840875 bus:SmallEntities 2023-01-01 2023-12-31 03840875 bus:Audited 2023-01-01 2023-12-31 03840875 bus:FullAccounts 2023-01-01 2023-12-31 03840875 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03840875 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03840875 bus:OrdinaryShareClass1 2023-12-31 03840875 bus:OrdinaryShareClass1 2022-12-31 03840875 core:PlantMachinery 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03840875
THORFINN WIND 'A' LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
THORFINN WIND 'A' LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 6
THORFINN WIND 'A' LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Current assets
Stocks
5
69,542
87,096
Debtors
6
404,298
587,391
Cash at bank and in hand
1,195,377
1,140,527
------------
------------
1,669,217
1,815,014
Creditors: amounts falling due within one year
7
( 378,983)
( 940,414)
------------
------------
Net current assets
1,290,234
874,600
------------
------------
Total assets less current liabilities
1,290,234
874,600
Provisions
( 225,000)
( 225,000)
------------
------------
Net assets
1,065,234
649,600
------------
------------
Capital and reserves
Called up share capital
10
500,002
500,002
Profit and loss account
565,232
149,598
------------
------------
Shareholders funds
1,065,234
649,600
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
J Skovgaard
Director
Company registration number: 03840875
THORFINN WIND 'A' LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is ‘Greenway’, Wellow Road, Ollerton, Newark, Nottinghamshire, NG22 9BB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements are prepared under the historical cost convention, and applicable accounting standards in the United Kingdom. The financial statements have been prepared under FRS 102. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company accounting policies. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements.
Revenue recognition
Revenue represents the invoiced value of services supplied, excluding value added tax and trade discounts. Revenue is recognised at the point services are supplied.
Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Current or deferred taxation assets and liabilities are not discounted. i) Current tax Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Current tax, including UK Corporation and foreign tax, is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. ii) Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but have not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Leases
Operating lease rentals are charged to the income statement on a straight-line basis over the period of the lease.
Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation. Costs that are directly attributable to bringing the asset into working condition for its intended use are capitalised. Depreciation is provided using the straight-line method at rates calculated to write off the cost of each asset to its residual value over its expected useful life.
Depreciation
The useful lives are as follows:
Wind turbines and associated infrastructure
-
5 years
Subsequent costs, including major inspections, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably. The carrying amount of any replace component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciate separately over its useful life. Property, plant and equipment are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposals proceeds and the carrying amount is recognised in profit or loss and included in ‘Other operating (losses)/gains’.
Foreign currencies
i) Functional and presentation currency The Company’s functional and presentation currency is the pound sterling. ii) 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 the income statement.
Inventories
Items of inventories are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow moving inventories. In determining the cost of consumables, the first-in, first-out method is used. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
Estimations of decommissioning provision
The company estimates the likely cost of removing the wind farm equipment and making good any damage to the site where a contractual decommissioning and restoration obligation exists. The provision reflects the present value if material, based on an appropriate discount rate, at the balance sheet date of the decommissioning liability.
Financial instruments
(i) Financial assets Basic financial assets, including trade receivables and cash, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. 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 Income statement. If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in Income statement. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii) Financial liabilities Basic financial liabilities, including trade creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where 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 amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The company does not hold or issue derivative financial instruments. iii) Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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 to liability simultaneously.
4. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023 and 31 December 2023
5,556,526
------------
Depreciation
At 1 January 2023 and 31 December 2023
5,556,526
------------
Carrying amount
At 31 December 2023
------------
At 31 December 2022
------------
5. Stocks
2023
2022
£
£
Raw materials and consumables
69,542
87,096
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
301,824
492,317
Amounts owed by group undertakings
10,768
829
Deferred tax asset
16,387
18,785
Prepayments and accrued income
75,319
73,801
Other debtors
1,659
------------
------------
404,298
587,391
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,425
135,402
Accruals and deferred income
157,671
189,152
Corporation tax
67,853
335,654
Social security and other taxes
88,034
280,206
------------
------------
378,983
940,414
------------
------------
8. Provisions
2023
2022
£
£
Decommissioning costs
225,000
160,000
------------
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in debtors (note 6)
16,387
18,785
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
16,387
18,785
------------
------------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
500,002
500,002
500,002
500,002
------------
------------
------------
------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
220,000
220,000
Later than 1 year and not later than 5 years
881,000
881,000
Later than 5 years
1,152,000
1,372,000
------------
------------
2,253,000
2,473,000
------------
------------
12. Summary audit opinion
The auditor's report for the year dated 11 April 2024 was unqualified.
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
13. Related party transaction
The company has taken advantage of the exemptions as provided by paragraph 33.1A of FRS 102 and does not disclose transactions with members of the same group that are wholly owned.
14. Controlling parties
The ultimate parent undertaking and controlling party is Thorfinn Wind ApS, a company registered in Denmark, and whose address is Kirkebyvej 1, Lemvig, 7620, Denmark.