Registered number: 09353334
RYDER POINT WIND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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RYDER POINT WIND LIMITED
REGISTERED NUMBER: 09353334
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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RYDER POINT WIND LIMITED
REGISTERED NUMBER: 09353334
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
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 income and retained earnings 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 on 8 August 2024.
The notes on pages 3 to 10 form part of these financial statements.
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Ryder Point Wind Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 09353334). The registered office address is Longcliffe, Brassington, Matlock, Derbyshire, DE4 4HN. The principal activity of the Company is the operation of a wind turbine.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have concluded the Company has adequate resources to continue in operational existence for the foreseeable future, which is considered to be at least twelve months from the date of approval of these financial statements. They therefore continue to adapt the going concern basis in preparing these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue is recognised as electricity is generated and fed into the grid. Revenue is accrued at the contractually agreed generation or feed in rates for electricity supplied but not invoiced.
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Life of the feed in tariff agreement - 20 years from December 2015
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or
constructive obligation that probably requires settlement by a transfer of economic benefit, and a
reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware
of the obligation, and are measured at the best estimate at the balance sheet date of the
expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance
Sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements, management is requried to make estimates and assumptions which affect reported income, expenses, liabiltities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable in the circumstances.
The directors do not believe that any significant judgements were made in the preperation of the financial statements.
The useful economic life of the turbines and thus the depreciation rate is considered to be the only key estimate. The assets are being depreciated on a straight-line basis over the life of the feed-in tariff agreements (the period over which income from the generation of electricity is guaranteed).
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Charge for the year on owned assets
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5.Tangible fixed assets (continued)
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Included within fixed assets is capitalised loan interest of £375,154 relating to the period before the assets were brought into use. The interest rate on the loan was set at 6.6% over LIBOR throughout the period it was capitalised.
As security on the external borrowing, there is a floating charge that exists over all of the Company's assets.
At the year end, the Company had no outstanding commitments to purchase property, plant or equipment.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Secured loans
The loan is secured via a debenture over all the assets of the Company. The loan bears interest at 1.75% p.a. over base rate.
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Commitments under operating leases
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The Company had no commitments under non-cancellable operating leases at the balance sheet date.
On 20th April 2015, Ryder Point Wind Limited entered into a 26 year lease agreement with Longcliffe Quarries Limited for the land the wind turbines are built on. The lease contains a break right, exercisable if generation ceases for a period of greater than six months. The agreed rent is an annual sum of a peppercorn (if demanded). Therefore, no expense or commitment has been recognised in the financial statements in relation to this lease.
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Related party transactions
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The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
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The immediate parent undertaking is Longcliffe Quarries Limited, a company registered in England and Wales. The ultimate parent undertaking is Longcliffe Group Limited, a company registered in England and Wales. The largest and smallest group of undertakings for which group accounts for the year ended 31 March 2024 have been drawn up is that headed by Longcliffe Group Limited. Copies of the group accounts are available at Companies House.
The ultimate controlling party is R J G Shields and members of his immediate family, by virtue of their shareholdings in the ultimate parent undertaking.
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RYDER POINT WIND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.
The audit report was signed on 8 August 2024 by Andrew Irvine (Senior Statutory Auditor) (Senior Statutory Auditor) on behalf of Shorts.
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