Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312truetruetrue2023-01-01falseNo description of principal activity2falsefalse 08101703 2023-01-01 2023-12-31 08101703 2022-01-01 2022-12-31 08101703 2023-12-31 08101703 2022-12-31 08101703 2022-01-01 08101703 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08101703 c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 08101703 1 2022-01-01 2022-12-31 08101703 2 2022-01-01 2022-12-31 08101703 3 2023-01-01 2023-12-31 08101703 3 2022-01-01 2022-12-31 08101703 e:Director1 2023-01-01 2023-12-31 08101703 e:Director2 2023-01-01 2023-12-31 08101703 e:RegisteredOffice 2023-01-01 2023-12-31 08101703 c:PlantMachinery 2023-01-01 2023-12-31 08101703 c:PlantMachinery 2023-12-31 08101703 c:PlantMachinery 2022-12-31 08101703 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08101703 c:CurrentFinancialInstruments 2023-12-31 08101703 c:CurrentFinancialInstruments 2022-12-31 08101703 c:Non-currentFinancialInstruments 2023-12-31 08101703 c:Non-currentFinancialInstruments 2022-12-31 08101703 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 08101703 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08101703 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 08101703 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 08101703 c:ShareCapital 2023-01-01 2023-12-31 08101703 c:ShareCapital 2023-12-31 08101703 c:ShareCapital 2022-01-01 2022-12-31 08101703 c:ShareCapital 2022-12-31 08101703 c:ShareCapital 2022-01-01 08101703 c:SharePremium 2023-01-01 2023-12-31 08101703 c:SharePremium 2023-12-31 08101703 c:SharePremium c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08101703 c:SharePremium 3 2023-01-01 2023-12-31 08101703 c:SharePremium 2022-01-01 2022-12-31 08101703 c:SharePremium 2022-12-31 08101703 c:SharePremium c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 08101703 c:SharePremium 2022-01-01 08101703 c:SharePremium 1 2022-01-01 2022-12-31 08101703 c:SharePremium 2 2022-01-01 2022-12-31 08101703 c:SharePremium 3 2022-01-01 2022-12-31 08101703 c:OtherMiscellaneousReserve 2023-01-01 2023-12-31 08101703 c:OtherMiscellaneousReserve 2023-12-31 08101703 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08101703 c:OtherMiscellaneousReserve 3 2023-01-01 2023-12-31 08101703 c:OtherMiscellaneousReserve 2022-01-01 2022-12-31 08101703 c:OtherMiscellaneousReserve 2022-12-31 08101703 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 08101703 c:OtherMiscellaneousReserve 2022-01-01 08101703 c:OtherMiscellaneousReserve 1 2022-01-01 2022-12-31 08101703 c:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 08101703 c:OtherMiscellaneousReserve 3 2022-01-01 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08101703 c:RetainedEarningsAccumulatedLosses 2023-12-31 08101703 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 08101703 c:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 08101703 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses 2022-01-01 08101703 c:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses 3 2022-01-01 2022-12-31 08101703 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 08101703 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 08101703 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 08101703 e:OrdinaryShareClass1 2023-01-01 2023-12-31 08101703 e:OrdinaryShareClass1 2023-12-31 08101703 e:OrdinaryShareClass1 2022-12-31 08101703 e:OrdinaryShareClass2 2023-01-01 2023-12-31 08101703 e:OrdinaryShareClass2 2023-12-31 08101703 e:OrdinaryShareClass2 2022-12-31 08101703 e:FRS102 2023-01-01 2023-12-31 08101703 e:Audited 2023-01-01 2023-12-31 08101703 e:FullAccounts 2023-01-01 2023-12-31 08101703 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08101703 c:WithinOneYear 2023-12-31 08101703 c:WithinOneYear 2022-12-31 08101703 e:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08101703 f:PoundSterling 2023-01-01 2023-12-31 08101703 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 08101703 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-12-31 08101703 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-01-01 08101703 c:PreviouslyStatedAmount 2022-12-31 08101703 c:PreviouslyStatedAmount 2022-01-01 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 08101703












TULLYMURDOCH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

TULLYMURDOCH LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 14


 

TULLYMURDOCH LIMITED
 
COMPANY INFORMATION


Directors
S Watson 
M Hubbard 




Registered number
08101703



Registered office
7th Floor
Wellington House

125-130 Strand

London

WC2R 0AP




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:08101703
TULLYMURDOCH LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
20,995,046
22,291,395

  
20,995,046
22,291,395

Current assets
  

Debtors: amounts falling due after more than one year
 6 
1,047,802
1,048,800

Debtors: amounts falling due within one year
 6 
1,149,540
1,126,990

Cash at bank and in hand
  
611,126
207,139

  
2,808,468
2,382,929

Creditors: amounts falling due within one year
 7 
(1,051,789)
(998,493)

Net current assets
  
 
 
1,756,679
 
 
1,384,436

Total assets less current liabilities
  
22,751,725
23,675,831

Creditors: amounts falling due after more than one year
 8 
(19,619,012)
(18,875,350)

Provisions for liabilities
  

Other provisions
  
(460,821)
(430,674)

  
 
 
(460,821)
 
 
(430,674)

Net assets
  
2,671,892
4,369,807


Capital and reserves
  

Called up share capital 
 10 
127,698
127,698

Other reserves
  
11,047,302
11,767,302

Profit and loss account
  
(8,503,108)
(7,525,193)

  
2,671,892
4,369,807


Page 2


 
REGISTERED NUMBER:08101703
TULLYMURDOCH LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Watson
Director

Date: 7 October 2024

The notes on pages 5 to 14 form part of these financial statements.

Page 3

 

TULLYMURDOCH LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022 (as previously stated)
127,698
12,622,302
-
(6,329,257)
6,420,743

Prior year adjustment - correction of error
-
-
-
(6,785)
(6,785)


At 1 January 2022 (as restated)
127,698
12,622,302
-
(6,336,042)
6,413,958


Comprehensive income for the year

Loss for the financial year
-
-
-
(1,189,151)
(1,189,151)
Total comprehensive income for the year
-
-
-
(1,189,151)
(1,189,151)


Contributions by and distributions to owners

Transfer between other reserves
-
(12,622,302)
-
-
(12,622,302)

Transfer between other reserves
-
-
12,622,302
-
12,622,302

Dividend declared during year
-
-
(855,000)
-
(855,000)


Total transactions with owners
-
(12,622,302)
11,767,302
-
(855,000)



At 1 January 2023 (as previously stated)
127,698
-
11,767,302
(7,513,429)
4,381,571

Prior year adjustment - correction of error
-
-
-
(11,764)
(11,764)


At 1 January 2023 (as restated)
127,698
-
11,767,302
(7,525,193)
4,369,807


Comprehensive income for the year

Loss for the financial year
-
-
-
(977,915)
(977,915)
Total comprehensive income for the year
-
-
-
(977,915)
(977,915)


Contributions by and distributions to owners

Dividend declared during the year
-
-
(720,000)
-
(720,000)


Total transactions with owners
-
-
(720,000)
-
(720,000)


At 31 December 2023
127,698
-
11,047,302
(8,503,108)
2,671,892


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tullymurdoch Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7th Floor, Wellington House, 125-130 Strand, London, WC2R 0AP.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are
rounded to the nearest £ .

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Prior period adjustment

The company has restated its comparative figures for the year ended 31 December 2022 and its brought forward retained earnings as at 1 January 2022. An explanation of the adjustment together with the financial impact is set out in Note 11.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 6

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Wind farm asset
-
20 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Finance costs, including interest, have been capitalised in accordance with paragraph 25.2 of FRS 102. These costs are all directly attributable to the construction, as well as the financing of progress payments in respect of the construction of the wind farm and are therefore capitalised as part of its cost.
Finance costs incurred after completion of the construction of the wind power assets are expensed to the profit and loss account.


2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes 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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 7

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)





Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 8

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 9

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

As presented in Note 6 within prepayments and accrued income is an amount accrued in relation to Renewable Obligation Certificates (ROCs - recycling). Income is recognised based on £GBP per megawatt hour basis and this value is not determined until November after the reporting period ends. The price used for the period is an estimate based on the prior year's price set by Ofgem.
The value of ROC recycling is dependent on the total number of ROC's presented, obligation levels and the buy-out fund. A price is then set for the distribution to suppliers.
The residual or scrap value of the Wind Power Asset has been estimated using market metal rates set out and converted to GBP sterling. The component make up of the turbine can then be multiplied by the market price to estimate a scrap price.
The decommissioning liability to be incurred at the end of the initial lease term has also been estimated with reference to a third party report prepared for a similar company within the group. This sets out the current estimated cost of decommissioning the wind turbines and restoring the site to its previous use. This is then inflated to the end of the lease and subsequently discounted back to the present value at the year end using the company's cost of capital.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Wind farm asset

£



Cost


At 1 January 2023 - as restated
28,387,482


Additions
84,036



At 31 December 2023

28,471,518



Depreciation


At 1 January 2023 - as restated
6,096,087


Charge for the year
1,380,385



At 31 December 2023

7,476,472



Net book value



At 31 December 2023
20,995,046



At 31 December 2022 - as restated
22,291,395

Page 10

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,047,802
1,048,800


2023
2022
£
£

Due within one year

Trade debtors
68,525
213,242

Other debtors
431
431

Prepayments and accrued income
1,080,584
913,317

1,149,540
1,126,990



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,573
117,755

Amounts owed to group undertakings
746,912
690,573

Other taxation and social security
131,219
100,239

Accruals and deferred income
146,085
89,926

1,051,789
998,493



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
19,619,012
18,875,350


Page 11

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Provisions





Decommissioning provision

£





At 1 January 2023 - as restated
430,674


Charged to profit or loss
30,147



At 31 December 2023
460,821


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



63,849 (2022 - 63,849) Ordinary "A" shares of £1.00 each
63,849
63,849
63,849 (2022 - 63,849) Ordinary "B" shares of £1.00 each
63,849
63,849

127,698

127,698



11.


Prior year adjustment

A prior period adjustment has been recognised (i) to recognise that the wind turbines have a residual value at the end of their useful economic life, whereas previously they were being depreciated to a residual value of £nil; and (ii) to bring in a provision for the decommissioning costs of the site, which had not been previously provided for.
Accordingly, the turbines are being depreciated over the period to 29 June 2038, being their remaining useful life, to an estimated residual value of £779,765. The accumulated depreciation charge to 31 December 2022 has been reduced by £175,447 to reflect this, of which £38,988 relates to the year ended 31 December 2022 and £136,459 relates to the period before 1 January 2022.
£315,844 has been provided for decommissioning costs, which has been capitalised as a tangible fixed asset. Accumulated depreciation of £72,381 has been charged for the period to 31 December 2022, of which £15,792 relates to the year ended 31 December 2022 and £56,589 relates to the period before 1 January 2022.
The provision has been discounted, which is being unwound over the period to 29 June 2043, being the end of the lease. Accumulated interest on the unwinding of the discount of £114,830 has been charged for the period to 31 December 2022, of which £28,175 relates to the year ended 31 December 2022 and £86,655 relates to the period before 1 January 2022.
Page 12

 

TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Prior year adjustment (continued)

The comparative amounts in the prior period presented have therefore been restated as detailed below: 

As previously reported
Adjustment
As restated
        £
        £
        £
Tangible fixed assets

As previously stated

21,872,485

-

21,872,485
 
Effect on depreciation with recognition of residual value

-

315,844

315,844
 
Capitalisation of decommissioning provision

-

175,447

175,447
 
Depreciation on the decommissioning provision

-

(72,381)

(72,381)
 

21,872,485

418,910

22,291,395
 
Provisions for liabilities

Capitalisation of decommissioning provision

-

(315,844)

(315,844)
 
Unwinding of decommissioning provision

-

(114,830)

(114,830)
 

-

(430,674)

(430,674)
 

Total effect on net assets

21,872,485

(11,764)

21,860,721
 

Reconciliation of retained earnings

1 January 2022
31 December 2022
        £
        £
Retained earnings as previously reported

(6,329,257)

(7,513,429)

Adjustments to prior year

Effect on depreciation with recognition of residual value

136,459

175,447

Depreciation on the decommissioning provision

(56,589)

(72,381)

Unwinding of decommissioning provision

(86,655)

(114,830)

Retained earnings as adjusted

(6,336,042)

(7,525,193)


Reconciliation of changes in profit for the previous financial period

2022
        £
Loss as previously reported

(1,184,172)

Adjustments to prior year

Effect on depreciation with recognition of residual value

38,988

Depreciation on the decommissioning provision

(15,792)

Unwinding of decommissioning provision

(28,175)

Profit as adjusted

(1,189,151)

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TULLYMURDOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


7,470,791
8,380,340


13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


14.


Controlling party

The immediate parent undertaking is Temporis Renewable Energy LP, a limited partnership registered in the Cayman Islands. Its registered office address is Ground Floor Windward 1 Regatta Office Park West Bay Road P.O. Box 30100, Grand Cayman, Ky1-1201, Cayman Islands.
The ultimate controlling party is Temporis Limited, a company incorporated in Malta. its registered office address is 171 Old Bakery Street, Valetta VLT1455, Malta.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 7 October 2024 by Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
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