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Company No: SC384243 (Scotland)

COTBURN WIND ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

COTBURN WIND ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

COTBURN WIND ENERGY LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
COTBURN WIND ENERGY LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 97,755 108,045
97,755 108,045
Current assets
Debtors 4 19,683 18,208
Cash at bank and in hand 4,115 2,675
23,798 20,883
Creditors: amounts falling due within one year 5 ( 99,528) ( 118,591)
Net current liabilities (75,730) (97,708)
Total assets less current liabilities 22,025 10,337
Provision for liabilities 6 ( 6,630) ( 2,708)
Net assets 15,395 7,629
Capital and reserves
Called-up share capital 7 200 200
Profit and loss account 15,195 7,429
Total shareholders' funds 15,395 7,629

For the financial year ending 31 January 2024 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 Cotburn Wind Energy Limited (registered number: SC384243) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

George Logan Morrison
Director
COTBURN WIND ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
COTBURN WIND ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
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

Cotburn Wind Energy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom. The principal place of business is Upper Cotburn, Turriff, AB53 5UH.

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 company has net current liabilities of £75,730. Included in this balance is £97,867 due to a partnership business in which the directors of the company are the sole partners. The directors have confirmed that this business will not demand payment of this liability until such time as sufficient funds are available and they will continue to support the company with additional funds if necessary in order to ensure that all liabilities are met as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the sale of electricity, net of VAT. Turnover is recognised at the point of generation.

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 Balance Sheet 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.

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. 20 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 230,800 230,800
At 31 January 2024 230,800 230,800
Accumulated depreciation
At 01 February 2023 122,755 122,755
Charge for the financial year 10,290 10,290
At 31 January 2024 133,045 133,045
Net book value
At 31 January 2024 97,755 97,755
At 31 January 2023 108,045 108,045

4. Debtors

2024 2023
£ £
Trade debtors 0 10,811
Other debtors 19,683 7,397
19,683 18,208

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 12,033
Other creditors 99,528 106,558
99,528 118,591

There are no amounts included above in respect of which any security has been given by the small entity.

6. Provision for liabilities

2024 2023
£ £
Deferred tax 6,630 2,708

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100
100 B ordinary shares of £ 1.00 each 100 100
200 200