Registered number |
Company Information |
Directors |
Accountants |
Tyrone Accountancy Services |
8-10 Church Street |
Omagh |
Co. Tyrone |
BT78 1DG |
Bankers |
Campsie |
Omagh |
Co. Tyrone |
BT79 0AE |
Registered office |
141 Camlough Road |
Carrickmore |
Co. Tyrone |
BT79 9BS |
Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
|||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Investment property | 4 | 617,150 | - | ||||
Investments | 5 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
||||
Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
||||
Provisions for liabilities | 10 | ( |
( |
||||
Net assets | |||||||
Capital and reserves | |||||||
Called up, issued and fully paid share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | 13 | ||||||
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 |
Approved by the board on 17 September 2024 | ||||||
Notes to the Accounts | ||||||||||
for the year ended |
||||||||||
1 | Accounting policies | |||||||||
Basis of preparation | ||||||||||
The financial statements are presented in UK Sterling pounds (£) | ||||||||||
Turnover | ||||||||||
Tangible fixed assets | ||||||||||
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 | ||||||||||
Stocks | ||||||||||
Debtors | ||||||||||
Creditors | ||||||||||
Taxation | ||||||||||
Provisions | ||||||||||
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 | ||||||||||
Leased assets | ||||||||||
Pensions | ||||||||||
2 | Employees | 2023 | 2022 | |||||||
Number | Number | |||||||||
Average number of persons employed by the company | ||||||||||
3 | Tangible fixed assets | |||||||||
Land and buildings | Wind turbines | Plant and machinery etc | Equipment, Fixtures & Fittings | Total | ||||||
£ | £ | £ | £ | £ | ||||||
Cost | ||||||||||
At 1 January 2023 | - | |||||||||
Additions | 166,553 | - | - | |||||||
At 31 December 2023 | 166,553 | |||||||||
Depreciation | ||||||||||
At 1 January 2023 | - | |||||||||
Charge for the year | - | |||||||||
At 31 December 2023 | - | |||||||||
Net book value | ||||||||||
At 31 December 2023 | 166,553 | |||||||||
At 31 December 2022 | - | |||||||||
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 | ||||||||||
Other debtors | 3,387,503 | 3,369,882 | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||||
£ | £ | |||||||||
Bank loans and overdrafts | ||||||||||
Obligations under finance lease and hire purchase contracts | ||||||||||
Trade creditors | ||||||||||
Taxes and social security costs | ||||||||||
Other creditors | ||||||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||||
£ | £ | |||||||||
Bank loans | ||||||||||
Obligations under finance lease and hire purchase contracts | ||||||||||
9 | Loans | 2023 | 2022 | |||||||
£ | £ | |||||||||
Creditors include: | ||||||||||
Secured bank loans | 863,464 | 342,531 | ||||||||
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 | |||||||||
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. |
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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 |