REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MELROSE WIND LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MELROSE WIND LIMITED |
MELROSE WIND LIMITED (REGISTERED NUMBER: SC510251) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MELROSE WIND LIMITED |
COMPANY INFORMATION |
for the year ended 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Glategny Court |
Glategny Esplande |
St. Peter Port |
Guernsey |
GY1 1WR |
ACCOUNTANTS: |
Atlantic House |
1A Cadogan Street |
Glasgow |
G2 6QE |
MELROSE WIND LIMITED (REGISTERED NUMBER: SC510251) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MELROSE WIND LIMITED (REGISTERED NUMBER: SC510251) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Melrose Wind Limited (the "Company") is a private company, limited by shares, registered in Scotland, registration number SC510251. The registered office is 13 Queens Road, Aberdeen, AB15 4YL. |
The principal activity of the company is renewable energy. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by revaluation of certain financial assets. |
The presentational and functional currency of the financial statements is Pounds Sterling (£). |
Going concern |
These financial statements have been prepared on the going concern basis. The Directors believe this basis appropriate following the consideration of cash flow forecasts which show the company is able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. |
Significant judgements and estimates |
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements: |
Plant and equipment |
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes. |
Production of electricity |
Income is recognised in the period in which the electricity has been generated. |
Expenses |
Expenses are accounted for on an accruals basis and are recognised in the period in which they are incurred. |
Operating leases |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
MELROSE WIND LIMITED (REGISTERED NUMBER: SC510251) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable. |
Financial instruments |
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Debtors |
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. |
Cash and cash equivalents |
Cash and cash equivalents comprises cash balances. |
Creditors |
Short term trade 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. |
Provisions |
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
MELROSE WIND LIMITED (REGISTERED NUMBER: SC510251) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 135,701 | 136,461 |
MELROSE WIND LIMITED (REGISTERED NUMBER: SC510251) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 DECEMBER 2023 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company is a wholly owned subsidiary of Resonance Melrose Wind Limited (a company registered in the UK). The ultimate controlling party is Resonance British Wind Energy Income II Limited, registered office PO Box 406, Mill Court, La Charroterie, St Peter Port, Guernsey, Guernsey, GY1 1EJ. |
12. | POST BALANCE SHEET EVENTS |
There are no material post balance sheet events to note. |