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Company No: 13995116 (England and Wales)

POND FARM WIND LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

POND FARM WIND LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

POND FARM WIND LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
POND FARM WIND LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,399,840 1,390,159
1,399,840 1,390,159
Current assets
Debtors 4 50,999 12,401
Cash at bank and in hand 33,564 103,654
84,563 116,055
Creditors: amounts falling due within one year 5 ( 1,487,539) ( 1,507,970)
Net current liabilities (1,402,976) (1,391,915)
Total assets less current liabilities (3,136) (1,756)
Net liabilities ( 3,136) ( 1,756)
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account ( 4,136 ) ( 2,756 )
Total shareholder's deficit ( 3,136) ( 1,756)

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 Pond Farm Wind Limited (registered number: 13995116) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Mack
Director
J Mack
Director

22 August 2024

POND FARM WIND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
POND FARM WIND LIMITED

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

Pond Farm Wind Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hill Farm, Lower Bodham, Holt, NR25 6PR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £3,136. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 Statement of Financial Position 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, 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. 15 % reducing balance

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enter 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

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

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 1,390,159 1,390,159
Additions 49,629 49,629
At 30 November 2023 1,439,788 1,439,788
Accumulated depreciation
At 01 December 2022 0 0
Charge for the financial year 39,948 39,948
At 30 November 2023 39,948 39,948
Net book value
At 30 November 2023 1,399,840 1,399,840
At 30 November 2022 1,390,159 1,390,159

4. Debtors

2023 2022
£ £
Deferred tax asset 512 752
Other debtors 50,487 11,649
50,999 12,401

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,848 44,897
Amounts owed to Parent undertakings 1,133,679 1,191,855
Amounts owed to fellow subsidiaries 0 4,485
Amounts owed to directors 263,640 265,758
Accruals 79,735 975
Other taxation and social security 8,637 0
1,487,539 1,507,970

The company has provided an unlimited guarantee to a Director in respect of a loan provided to the Group.

6. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 462,078 0

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balance owed to a Director 271,692 265,758

The above balance was owed to a Director of the company at the year end, interest is charged at a variable commercial rate and the amount is deemed repayable on demand.

The company has taken advantage of the exemption under 33.1A, allowing wholly owned group members to depart from the requirements to disclose transactions with other group companies.

8. Events after the Balance Sheet date

Following the year end, a Group restructure was undertaken and the new parent company of the Group became Genatec Group Limited.