Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Dr Elaine Janet Booth 07/07/2010 Mr Peter Robertson 21/10/2013 18 September 2024 The principal activity of the company is the operation of two wind turbines and the sale of electricity generated by them. SC381632 2023-12-31 SC381632 bus:Director1 2023-12-31 SC381632 bus:Director2 2023-12-31 SC381632 2022-12-31 SC381632 core:CurrentFinancialInstruments 2023-12-31 SC381632 core:CurrentFinancialInstruments 2022-12-31 SC381632 core:Non-currentFinancialInstruments 2023-12-31 SC381632 core:Non-currentFinancialInstruments 2022-12-31 SC381632 core:ShareCapital 2023-12-31 SC381632 core:ShareCapital 2022-12-31 SC381632 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC381632 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC381632 core:LeaseholdImprovements 2022-12-31 SC381632 core:PlantMachinery 2022-12-31 SC381632 core:ComputerEquipment 2022-12-31 SC381632 core:LeaseholdImprovements 2023-12-31 SC381632 core:PlantMachinery 2023-12-31 SC381632 core:ComputerEquipment 2023-12-31 SC381632 core:DeferredTaxation 2023-12-31 SC381632 core:DeferredTaxation 2022-12-31 SC381632 core:OtherProvisionsContingentLiabilities 2023-12-31 SC381632 core:OtherProvisionsContingentLiabilities 2022-12-31 SC381632 bus:OrdinaryShareClass1 2023-12-31 SC381632 2023-01-01 2023-12-31 SC381632 bus:FilletedAccounts 2023-01-01 2023-12-31 SC381632 bus:SmallEntities 2023-01-01 2023-12-31 SC381632 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC381632 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC381632 bus:Director1 2023-01-01 2023-12-31 SC381632 bus:Director2 2023-01-01 2023-12-31 SC381632 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 SC381632 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC381632 core:ComputerEquipment 2023-01-01 2023-12-31 SC381632 2022-01-01 2022-12-31 SC381632 core:LeaseholdImprovements 2023-01-01 2023-12-31 SC381632 core:PlantMachinery 2023-01-01 2023-12-31 SC381632 core:LeaseholdImprovements 1 2023-01-01 2023-12-31 SC381632 core:PlantMachinery 1 2023-01-01 2023-12-31 SC381632 core:ComputerEquipment 1 2023-01-01 2023-12-31 SC381632 1 2023-01-01 2023-12-31 SC381632 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC381632 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC381632 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC381632 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC381632 (Scotland)

EDNIE WIND ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

EDNIE WIND ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

EDNIE WIND ENERGY LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
EDNIE WIND ENERGY LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 917,784 1,024,433
917,784 1,024,433
Current assets
Debtors 4 310,842 268,276
Cash at bank and in hand 1,465,951 1,341,574
1,776,793 1,609,850
Creditors: amounts falling due within one year 5 ( 400,329) ( 464,902)
Net current assets 1,376,464 1,144,948
Total assets less current liabilities 2,294,248 2,169,381
Creditors: amounts falling due after more than one year 6 0 ( 347,657)
Provision for liabilities 7 ( 204,617) ( 221,411)
Net assets 2,089,631 1,600,313
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 2,088,631 1,599,313
Total shareholder's funds 2,089,631 1,600,313

For the financial year ending 31 December 2023 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 Ednie Wind Energy Limited (registered number: SC381632) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

Dr Elaine Janet Booth
Director
EDNIE WIND ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
EDNIE WIND ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Ednie 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 Axis Business Centre, Thainstone, Inverurie, AB51 5TB, 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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover represents amounts invoiced for renewable energy generated net of vat and is recognised on generation of electricity. Income is recognised on an accruals basis where it is capable of being reliably measured. Where no reliable estimate is possible, income is recognised on a receipt basis.

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.

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.

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:

Leasehold improvements 20 years straight line
Plant and machinery 20 years straight line
Computer equipment 25 % reducing balance

Included within wind turbines are assets under construction and a decommissioning provision that are not depreciated.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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.

Impairment of assets

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).

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.

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 bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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 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 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.

Decommissioning provision

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 tangible asset cost and associated provision.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 26,062 2,189,821 209 2,216,092
Additions 0 1,277 0 1,277
At 31 December 2023 26,062 2,191,098 209 2,217,369
Accumulated depreciation
At 01 January 2023 10,139 1,181,325 195 1,191,659
Charge for the financial year 1,303 106,619 4 107,926
0 0 0 0
At 31 December 2023 11,442 1,287,944 199 1,299,585
Net book value
At 31 December 2023 14,620 903,154 10 917,784
At 31 December 2022 15,923 1,008,496 14 1,024,433

Included in the net book value of fixed assets are capitalised interest costs of £13,084 (2022 - £14,736)

4. Debtors

2023 2022
£ £
Trade debtors 92,421 70,133
Amounts owed by Group undertakings 17,731 19,008
Other debtors 200,690 179,135
310,842 268,276

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 91,815
Trade creditors 27,073 51,360
Corporation tax 168,041 106,930
Other taxation and social security 19,760 20,284
Other creditors 185,455 194,513
400,329 464,902

Bank loans represent the current portion of a long term loan which is secured by fixed charges over the company's interest in leasehold land and a floating charge over the company's assets and undertakings.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 347,657

Bank loans represent a long term loan which is secured by fixed charges over the company's interest in leasehold land and a floating charge over the company's assets and undertakings.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 170,095 186,889
Other provisions 34,522 34,522
204,617 221,411

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 £34,522 on the decommissioning of the operations, which represents the net present value of anticipated future costs as at 31 December 2023. While it is expected a market for expired assets will exist, the provision cannot, and does not anticipate any associated future income.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Other financial commitments

2023 2022
£ £
Within one year 21,460 21,460
Between two and five years 89,615 87,753
In over five years 185,937 209,259
297,012 318,472

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above. The operating lease disclosed above relates to the land on which the turbines are situated.

10. Related party transactions

Other related party transactions

2023 2022
£ £
Lease of land on which turbines are situated 21,458 21,458

The land on which the turbines are situated is leased from an unincorporated business with which the directors have a direct family member.

Included in creditors at the year end is a loan of £20,232 (2022 - £20,232) due to an unincorporated business in which the directors are both partners.

The company has taken advantage of the 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.

The company operates a loan account with the directors. The balance due to the directors at the year end was £129,543 (2022 - £129,543). No interest is payable on the loans from directors. The loans have no fixed repayment terms and are subordinated to the bank debt.

11. Ultimate controlling party

Parent Company:

Bruxie Wind Energy Limited
Ednie House
St Fergus
Peterhead
AB42 3BU