Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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426,378 | 490,927 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,461,907 | 1,308,131 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 1,301,218 | 1,078,259 | ||
Total assets less current liabilities | 1,727,596 | 1,569,186 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Bruxiehill Wind Energy Limited (registered number:
Dr Elaine Janet Booth
Director |
Mr Peter Robertson
Director |
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.
Bruxiehill 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 Bishops Court, 29 Albyn Place, Aberdeen, AB10 1YL, United Kingdom. The principal place of business is Ednie House, St Fergus, Peterhead, AB42 3BU.
The financial statements have been prepared under the historical cost convention 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery |
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Computer equipment |
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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.
Included within plant and machinery are assets under construction and a decommissioning provision that are not depreciated.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
The net present value of the cost of decommissioning the windfarm at the end of its useful economic life has been recognised in the accounts as an additional asset and associated provision.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||
At 31 December 2023 |
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At 31 December 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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As a result of the company's investment in wind turbines, there is an obligation to decommission the windfarm at the end of its useful life. The company has recognised £17,261 on the decommissioning of the operations which represents the net present value of anticipated future costs as at 31 December 2023. Whilst it is expected a market for expired assets will exist, the provision cannot and does not anticipate any associated future income.
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
2023 | 2022 | ||
£ | £ | ||
Within one year | 10,906 | 10,906 | |
Between two and five years | 37,268 | 38,857 | |
In over five years | 60,123 | 69,440 | |
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At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above.
Contingent liabilities
Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Lease of land on which turbine is situated - transactions with other related parties | 10,907 | 10,907 |
At the year end the company was owed £471,229 (2022 - £471,229 ) from a company in which the directors are both also directors.
The company has taken advantage of exemption available in accordance with section 33 of FRS 102 'Related party disclosures' not to disclose transactions entered into 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.
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Loan balance | 0 | 10,000 |
Interest free loans have been granted to the company by its directors as above although this has been repaid during the year.
The company operates a loan account with the directors. The balance due to the directors at the year end was £54,283 (2022 - £101,742). No interest is payable on the loans from the directors.
No guarantees have been given or received.