Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Fiona Gordon 22/02/2012 John Ewan Gordon 16/11/2017 John William Gordon 22/02/2012 19 July 2024 The principal activity of the Company during the financial year continued to be the operation of a two turbine windfarm for the generation of electricity. SC417687 2023-11-30 SC417687 bus:Director1 2023-11-30 SC417687 bus:Director2 2023-11-30 SC417687 bus:Director3 2023-11-30 SC417687 2022-11-30 SC417687 core:CurrentFinancialInstruments 2023-11-30 SC417687 core:CurrentFinancialInstruments 2022-11-30 SC417687 core:ShareCapital 2023-11-30 SC417687 core:ShareCapital 2022-11-30 SC417687 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC417687 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC417687 core:OtherPropertyPlantEquipment 2022-11-30 SC417687 core:OtherPropertyPlantEquipment 2023-11-30 SC417687 bus:OrdinaryShareClass1 2023-11-30 SC417687 bus:OrdinaryShareClass2 2023-11-30 SC417687 bus:OrdinaryShareClass3 2023-11-30 SC417687 2022-12-01 2023-11-30 SC417687 bus:FilletedAccounts 2022-12-01 2023-11-30 SC417687 bus:SmallEntities 2022-12-01 2023-11-30 SC417687 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC417687 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC417687 bus:Director1 2022-12-01 2023-11-30 SC417687 bus:Director2 2022-12-01 2023-11-30 SC417687 bus:Director3 2022-12-01 2023-11-30 SC417687 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-12-01 2023-11-30 SC417687 2021-12-01 2022-11-30 SC417687 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 SC417687 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC417687 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 SC417687 bus:OrdinaryShareClass2 2022-12-01 2023-11-30 SC417687 bus:OrdinaryShareClass2 2021-12-01 2022-11-30 SC417687 bus:OrdinaryShareClass3 2022-12-01 2023-11-30 SC417687 bus:OrdinaryShareClass3 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC417687 (Scotland)

WELLHEADS TURBINES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

WELLHEADS TURBINES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

WELLHEADS TURBINES LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2023
WELLHEADS TURBINES LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 75,520 84,206
75,520 84,206
Current assets
Debtors 4 14,513 5,557
Cash at bank and in hand 8,638 24,156
23,151 29,713
Creditors: amounts falling due within one year 5 ( 69,319) ( 86,865)
Net current liabilities (46,168) (57,152)
Total assets less current liabilities 29,352 27,054
Provision for liabilities 6 ( 11,714) ( 12,785)
Net assets 17,638 14,269
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account 17,438 14,069
Total shareholders' funds 17,638 14,269

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wellheads Turbines Ltd (registered number: SC417687) were approved and authorised for issue by the Board of Directors on 19 July 2024. They were signed on its behalf by:

Fiona Gordon
Director
John William Gordon
Director
WELLHEADS TURBINES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
WELLHEADS TURBINES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wellheads Turbines Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Wellheads, Huntly, Aberdeenshire, AB54 4UX, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received for the sale of electricity generated by the wind turbines provided in the normal course of business, and is shown net of VAT.

Turnover is recognised on the accruals basis at the point the electricity is generated.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 173,721 173,721
At 30 November 2023 173,721 173,721
Accumulated depreciation
At 01 December 2022 89,515 89,515
Charge for the financial year 8,686 8,686
At 30 November 2023 98,201 98,201
Net book value
At 30 November 2023 75,520 75,520
At 30 November 2022 84,206 84,206

4. Debtors

2023 2022
£ £
Other debtors 14,513 5,557

5. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 3,739 2,024
Other taxation and social security 248 69
Other creditors 65,332 84,772
69,319 86,865

6. Provision for liabilities

2023 2022
£ £
Deferred tax 11,714 12,785

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100
50 B ordinary shares of £ 1.00 each 50 50
50 C ordinary shares of £ 1.00 each 50 50
200 200

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to Key Management Personnel 36,000 66,800

This balance is interest free and has no fixed terms of repayment.