Registration number:
Pentland Road Windfarm Limited |
Pentland Road Windfarm Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pentland Road Windfarm Limited
(Registration number: 06661827)
Balance Sheet as at 31 December 2023
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2022 |
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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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Net assets |
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Capital and Reserves |
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Called up share capital |
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Retained Earnings |
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Shareholders' funds |
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For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Pentland Road Windfarm Limited
(Registration number: 06661827)
Balance Sheet as at 31 December 2023
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Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention. All amounts are stated in £'s.
Going concern
The financial statements have been prepared on a going concern basis.
Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Judgements
There are no judgements which management have made in the process of applying the accounting policies. |
Key sources of estimation uncertainty
There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of electricity in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The corporation tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible Assets
Tangible Assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Freehold land is recognised at historic cost and depreciated over the life of the windfarm project (as the land is disposed of at a nominal amount of £1 at the end of this term). Plant and machinery is depreciated over the expected lifetime of the windfarm, as follows:
Asset class |
Depreciation method and rate |
Land |
5% straight line basis |
Plant and machinery |
5% straight line basis |
Motor vehicles |
25% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade Debtors
Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade Creditors
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Financial instruments
Classification
Recognition and measurement
Basic financial liabilities 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 payments 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. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.
Impairment
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 profit or loss.
Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including directors under service contract) during the year, was
Tangible Assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £24,583 (2022 - £27,083) in respect of freehold land.
Debtors |
Current |
2023 |
2022 |
Trade Debtors |
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Prepayments |
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Other debtors |
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Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
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2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade Creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
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2022 |
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Due after one year |
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Loans and borrowings |
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2022 |
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Due after more than five years |
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After more than five years by instalments |
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Provisions for liabilities |
Deferred tax |
Total |
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At 1 January 2023 |
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Increase (decrease) in existing provisions |
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At 31 December 2023 |
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Pentland Road Windfarm Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The bank loan is secured over the assets of the company and amounts due after more than five years are £464,921 (2022 - £2,286,307). |