Registered number
NI615853
MPG Wind Ltd
Report and Unaudited Accounts
31 December 2023
MPG Wind Ltd
Company Information
Directors
Adrian Martin
Eamonn Martin
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Bank of Ireland
Campsie
Omagh
Co. Tyrone
BT79 0AE
Registered office
141 Camlough Road
Carrickmore
Co. Tyrone
BT79 9BS
Registered number
NI615853
MPG Wind Ltd
Registered number: NI615853
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 559,609 416,430
Investment property 4 617,150 -
Investments 5 419,100 405,000
1,595,859 821,430
Current assets
Stocks 898,604 636,783
Debtors 6 3,528,098 3,495,175
Cash at bank and in hand 50,459 86,374
4,477,161 4,218,332
Creditors: amounts falling due within one year 7 (2,321,598) (1,720,018)
Net current assets 2,155,563 2,498,314
Total assets less current liabilities 3,751,422 3,319,744
Creditors: amounts falling due after more than one year 8 (761,605) (439,485)
Provisions for liabilities 10 (87,293) (60,535)
Net assets 2,902,524 2,819,724
Capital and reserves
Called up, issued and fully paid share capital 2 2
Profit and loss account 2,902,522 2,819,722
Shareholders' funds 13 2,902,524 2,819,724
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 to 10 form an integral part of the accounts.
Adrian Martin Eamonn Martin
Director Director
Approved by the board on 17 September 2024 Approved by the board on 17 September 2024
MPG Wind Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in UK Sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover includes revenue earned from the generation of electricity and trading of Renewable Obligation Certificates (ROC's). Accrued income is recognised in reference to the date of electricity generation.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Land and buildings - 2% straight line from when brought into use
Wind turbines - 5% straight line
Plant and machinery - 20% reducing balance
Fixtures, fittings, tools and equipment - 20% reducing balance
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Land and buildings Wind turbines Plant and machinery etc Equipment, Fixtures & Fittings Total
£ £ £ £ £
Cost
At 1 January 2023 - 370,392 211,336 28,053 609,781
Additions 166,553 - - 21,396 187,949
At 31 December 2023 166,553 370,392 211,336 49,449 797,730
Depreciation
At 1 January 2023 - 63,809 109,695 19,847 193,351
Charge for the year - 18,519 20,328 5,923 44,770
At 31 December 2023 - 82,328 130,023 25,770 212,351
Net book value
At 31 December 2023 166,553 288,064 81,313 23,679 559,609
At 31 December 2022 - 306,583 101,641 8,206 416,430
4 Investment property 2023 2022
£ £
Cost
At 1 January 2023 - -
Additions 617,150 -
At 31 December 2023 617,150 -
Investment property is valued at acquisition cost. The land was bought in 2023 and the cost is deemed to represent fair value.
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 405,000
Additions 14,100
At 31 December 2023 419,100
MPG Wind Ltd owns 90% of the share capital in MPG Shinny Rd (previously North Power Croaghan) Ltd, a company registered in Northern Ireland.
6 Debtors 2023 2022
£ £
Trade debtors 140,595 125,293
Other debtors 3,387,503 3,369,882
3,528,098 3,495,175
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 266,398 142,843
Obligations under finance lease and hire purchase contracts 15,723 19,066
Trade creditors 205,034 118,837
Taxes and social security costs 35,090 32,194
Other creditors 1,799,353 1,407,078
2,321,598 1,720,018
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 733,853 396,209
Obligations under finance lease and hire purchase contracts 27,752 43,276
761,605 439,485
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 863,464 342,531
Asset held as Security by Bank of Ireland:
Debenture over the assets and undertakings of the company, supported by
First Legal Mortgage/Charge over the property at Camlough Road, Carrickmore, Omagh, Co. Tyrone. (Land Cert Folio 25731 Co Tyrone and Folio 25845)
Personal guarantee signed by Adrian Martin and Eamonn Martin and MPG Energy Ltd.

Additional Secuirty over the Lands at Colinglen Road, Hannahstown, comprised within AN254011 County Antrim is also held.
10 Provision for liabilities
Deferred Taxation
£
At 1 January 2023 60,535
Charged to the profit and loss 26,758
At 31 December 2023 87,293
The provision for deferred taxation is made up as follows:
2023 2022
£ £
Accelerated capital allowances (26,758) 14,425
(26,758) 14,425
11 Director's advances, credits and guarantees
During the year the directors advanced £107,969 and the company repaid £81,126 leaving a balance owed to the directors at the year end of £32,566.

The balances are interest free and repayable on demand.
12 Related party transactions
At the balance sheet date the company had the following balance with members of its group:
2023 2022
£ £
MPG Shinny Rd Ltd (73,787) -
At the balance sheet date the company had the following balances with related parties:
2023 2022
£ £
AEM Wind Holdings Limited 912,810 1,580,345
Derrynanny Wind Ltd 214,082 174,846
Hannahstown BESS Ltd 499,701 4,496
Highland Wind Energy Limited (96,925) 232,248
Lurganboy Wind Limited 1,026,115 1,026,115
MPG Wind Services Ltd (164,070) 25,249
RF Wind Ltd 300,028 15
Shantavny Solar Ltd 26 13
FM Wind Ltd 13 13
Edenbane Wind Ltd (9,697) 48,303
MPG Energy Ltd (180,403) (145,998)
Redwind Energy Limited (982,363) (872,337)
1,519,317 2,073,308
Messrs Eamonn and Adrian Martin are directors and persons with significant control in the above companies.

At the balance sheet date the above balances have been reflected in the debtors and creditors respectively.

The balances are interest free and repayable on demand.
13 Statement of changes in equity
Shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments.
14 Other information
MPG Wind Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
141 Camlough Road
Carrickmore
Co. Tyrone
BT79 9BS
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