IRIS Accounts Production v24.2.0.383 SC516953 Board of Directors 1.1.23 31.12.23 31.12.23 12.9.24 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5169532022-12-31SC5169532023-12-31SC5169532023-01-012023-12-31SC5169532021-12-31SC5169532022-01-012022-12-31SC5169532022-12-31SC516953ns15:Scotland2023-01-012023-12-31SC516953ns14:PoundSterling2023-01-012023-12-31SC516953ns10:Director12023-01-012023-12-31SC516953ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC516953ns10:SmallEntities2023-01-012023-12-31SC516953ns10:Audited2023-01-012023-12-31SC516953ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC516953ns10:FullAccounts2023-01-012023-12-31SC516953ns10:Director22023-01-012023-12-31SC516953ns10:RegisteredOffice2023-01-012023-12-31SC516953ns5:CurrentFinancialInstruments2023-12-31SC516953ns5:CurrentFinancialInstruments2022-12-31SC516953ns5:ShareCapital2023-12-31SC516953ns5:ShareCapital2022-12-31SC516953ns5:CapitalRedemptionReserve2023-12-31SC516953ns5:CapitalRedemptionReserve2022-12-31SC516953ns5:RetainedEarningsAccumulatedLosses2023-12-31SC516953ns5:RetainedEarningsAccumulatedLosses2022-12-31SC516953ns5:PlantMachinery2023-01-012023-12-31SC516953ns5:PlantMachinery2022-12-31SC516953ns5:PlantMachinery2023-12-31SC516953ns5:PlantMachinery2022-12-31SC516953ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC516953ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC516953ns5:CurrentFinancialInstruments2023-01-012023-12-31SC516953ns5:WithinOneYear2023-12-31SC516953ns5:WithinOneYear2022-12-31SC516953ns5:BetweenOneFiveYears2023-12-31SC516953ns5:BetweenOneFiveYears2022-12-31SC516953ns5:MoreThanFiveYears2023-12-31SC516953ns5:MoreThanFiveYears2022-12-31SC516953ns5:AllPeriods2023-12-31SC516953ns5:AllPeriods2022-12-31SC516953ns5:DeferredTaxation2022-12-31SC516953ns5:DeferredTaxation2023-01-012023-12-31SC516953ns5:DeferredTaxation2023-12-31SC51695312023-01-012023-12-31
REGISTERED NUMBER: SC516953 (Scotland)













AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CULVIE HILL WIND LIMITED

CULVIE HILL WIND LIMITED (REGISTERED NUMBER: SC516953)






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


CULVIE HILL WIND LIMITED

COMPANY INFORMATION
for the year ended 31 DECEMBER 2023







DIRECTORS: O V Hilton
N J Wood



REGISTERED OFFICE: Muirden Farm
Turriff
Aberdeenshire
AB53 4NH



REGISTERED NUMBER: SC516953 (Scotland)



INDEPENDENT AUDITORS: KPMG Channel Islands Limited
Glategny Court
Glategny Esplande
St. Peter Port
Guernsey
GY1 1WR



ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

CULVIE HILL WIND LIMITED (REGISTERED NUMBER: SC516953)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 824,807 889,497

CURRENT ASSETS
Debtors 6 152,586 202,275
Cash at bank 39,793 65,724
192,379 267,999
CREDITORS
Amounts falling due within one year 7 (146,393 ) (204,296 )
NET CURRENT ASSETS 45,986 63,703
TOTAL ASSETS LESS CURRENT
LIABILITIES

870,793

953,200

PROVISIONS FOR LIABILITIES 9 (129,967 ) (129,405 )
NET ASSETS 740,826 823,795

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 185,711 185,711
Retained earnings 555,015 637,984
SHAREHOLDERS' FUNDS 740,826 823,795

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 12 September 2024 and were signed on its behalf by:





N J Wood - Director


CULVIE HILL WIND LIMITED (REGISTERED NUMBER: SC516953)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Culvie Hill Wind Limited is a private company, limited by shares, registered in Scotland, registration number SC516953. The registered office is Muirden Farm, Muirden, Turriff, Aberdeenshire, AB53 4NH.

The principal activity of the company is the generation of renewable energy.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern
After reviewing the company's forecasts and projections, together with receiving the continued support from shareholders and investors, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its 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 profit or loss on a straight line basis over the period of the lease.

CULVIE HILL WIND LIMITED (REGISTERED NUMBER: SC516953)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 5% on cost

The carrying value of tangible fixed assets is reviewed for impairment if events or changes in circumstances indicate the carrying value 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 comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Shareholder loans are repayable on demand, therefore disclosed within current liabilities and not discounted. 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).

CULVIE HILL WIND LIMITED (REGISTERED NUMBER: SC516953)

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 1,293,814
DEPRECIATION
At 1 January 2023 404,317
Charge for year 64,690
At 31 December 2023 469,007
NET BOOK VALUE
At 31 December 2023 824,807
At 31 December 2022 889,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 80,669 -
Amounts owed by group undertakings 8,560 8,560
Other debtors - 3,276
Prepayments and accrued income 63,357 190,439
152,586 202,275

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,265 6,405
Amounts owed to group undertakings - 91,109
Taxation and social security 124,741 92,326
Other creditors 18,387 14,456
146,393 204,296

Amounts owed to group undertaking, Resonance CHW Holdings Ltd, are subject to compound interest at a rate of 7% per annum and are repayable on demand with no fixed terms of repayment. The loan was fully repaid during the year.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 47,058 40,058
Between one and five years 188,231 160,231
In more than five years 589,705 636,763
824,994 837,052

CULVIE HILL WIND LIMITED (REGISTERED NUMBER: SC516953)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 129,967 129,405

Deferred
tax
£   
Balance at 1 January 2023 129,405
Provided during year 562
Balance at 31 December 2023 129,967

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Rachid Frihmat (Senior Statutory Auditor)
for and on behalf of KPMG Channel Islands Limited

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

The company is a wholly owned subsidiary of Resonance CHW Holdings Limited (a company registered in Scotland). The ultimate controlling party is Resonance British Wind Energy Income II Limited, registered office First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE.

12. POST BALANCE SHEET EVENTS

There are no material post balance sheet events to note.