Company Registration No. 05227034 (England and Wales)
Skyborn Renewables (UK) Wind Power Limited
Financial statements
For the year ended 31 December 2023
Pages for filing with registrar
SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the development and financial and commercial management of wind farms.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A G Berge Olsen
(Retired 16 November 2023)
W H Mentz
(Appointed 29 November 2023)
R W C Allan
(Appointed 16 November 2023)
Auditor

The Auditors, MGR Weston Kay LLP, are deemed to be reappointed under section 487 (2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
W H Mentz
R W C Allan
Director
Director
17 September 2024
17 September 2024
SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
936,780
580
Cash at bank and in hand
376,482
19,529
1,313,262
20,109
Creditors: amounts falling due within one year
4
(1,014,189)
(296,223)
Net current assets/(liabilities)
299,073
(276,114)
Creditors: amounts falling due after more than one year
5
(518,130)
-
0
Net liabilities
(219,057)
(276,114)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(220,057)
(277,114)
Total equity
(219,057)
(276,114)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
W H Mentz
R W C Allan
Director
Director
Company Registration No. 05227034
SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Skyborn Renewables (UK) Wind Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

1.1
Accounting convention

These financial statements have been prepared under the historical costs convention in accordance with FRS 102 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The financial statements have been prepared on the going concern basis.true Given the net liability position at year-end, the directors of Skyborn Renewables GmbH, the parent company, have confirmed that it is the intention of Skyborn Renewables GmbH to continue to support Skyborn Renewables (UK) Wind Power Limited for the foreseeable future. The financial statements do not include any adjustments that might result from the withdrawal of this support and the directors are of the opinion that the going concern basis is therefore appropriate to the preparation of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
2
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
911,317
-
0
Other debtors
25,463
580
936,780
580
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
26,296
2,148
Taxation and social security
34,123
-
0
Other creditors
953,770
294,075
1,014,189
296,223
SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
518,130
-
0
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
SKYBORN RENEWABLES (UK) WIND POWER LIMITED
Skyborn Renewables (UK) Wind Power Limited
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Audit report information

The auditor's report was unqualified.

Sarah Yardley BSc ACA (Senior Statutory Auditor)
MGR Weston Kay LLP
Chartered Accountants
Statutory Auditor
8
Related party relationships

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
3,058
-
0
10
Controlling party

The company is a wholly-owned subsidiary of Skyborn Renewables GmbH, a company registered in Germany. It is ultimately controlled by Global Infrastructure Management LLC, a management company registered in North America.

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