IRIS Accounts Production v24.3.0.553 05757350 Board of Directors 1.4.23 31.3.24 31.3.24 the operation of a wind farm. 0 0 true false true true false false true false 0 0 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh057573502023-03-31057573502024-03-31057573502023-04-012024-03-31057573502022-03-31057573502022-04-012023-03-31057573502023-03-3105757350ns15:EnglandWales2023-04-012024-03-3105757350ns14:PoundSterling2023-04-012024-03-3105757350ns10:Director12023-04-012024-03-3105757350ns10:PublicLimitedCompanyPLC2023-04-012024-03-3105757350ns10:FRS1022023-04-012024-03-3105757350ns10:Audited2023-04-012024-03-3105757350ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3105757350ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3105757350ns10:FullAccounts2023-04-012024-03-3105757350ns10:OrdinaryShareClass12023-04-012024-03-3105757350ns10:Director22023-04-012024-03-3105757350ns10:Director32023-04-012024-03-3105757350ns10:CompanySecretary12023-04-012024-03-3105757350ns10:RegisteredOffice2023-04-012024-03-310575735012023-04-012024-03-310575735012022-04-012023-03-310575735022023-04-012024-03-310575735022022-04-012023-03-3105757350ns5:CurrentFinancialInstruments2024-03-3105757350ns5:CurrentFinancialInstruments2023-03-3105757350ns5:Non-currentFinancialInstruments2024-03-3105757350ns5:Non-currentFinancialInstruments2023-03-3105757350ns5:ShareCapital2024-03-3105757350ns5:ShareCapital2023-03-3105757350ns5:RevaluationReserve2024-03-3105757350ns5:RevaluationReserve2023-03-3105757350ns5:RetainedEarningsAccumulatedLosses2024-03-3105757350ns5:RetainedEarningsAccumulatedLosses2023-03-3105757350ns5:ShareCapital2022-03-3105757350ns5:RetainedEarningsAccumulatedLosses2022-03-3105757350ns5:RevaluationReserve2022-03-3105757350ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105757350ns5:RevaluationReserve2022-04-012023-03-3105757350ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3105757350ns5:RevaluationReserve2023-04-012024-03-310575735012023-04-012024-03-310575735092023-04-012024-03-310575735092022-04-012023-03-3105757350ns10:OrdinaryShareClass12022-04-012023-03-3105757350ns5:PlantMachinery2023-03-3105757350ns5:PlantMachinery2024-03-3105757350ns5:PlantMachinery2023-03-3105757350ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3105757350ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3105757350ns5:CurrentFinancialInstruments2023-04-012024-03-3105757350ns5:DeferredTaxation2023-03-3105757350ns5:DeferredTaxation2023-04-012024-03-3105757350ns5:DeferredTaxation2024-03-3105757350ns10:OrdinaryShareClass12024-03-3105757350ns5:RetainedEarningsAccumulatedLosses2023-03-3105757350ns5:RevaluationReserve2023-03-31
REGISTERED NUMBER: 05757350 (England and Wales)















Strategic Report,

Report of the Directors and

Audited Financial Statements

for the year ended

31 March 2024

for

Moelogan 2 C.C.C.

Moelogan 2 C.C.C. (Registered number: 05757350)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Moelogan 2 C.C.C.

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr C J Tanner
Mr M Ma
Mr J P Hardy



SECRETARY: Moelogan 2 (O&M) Cyfyngedig



REGISTERED OFFICE: Cae Sgubor
Ffordd Pennant
Eglwysbach
Conwy
LL28 5UN



REGISTERED NUMBER: 05757350 (England and Wales)



AUDITORS: Azets Audit Services
Statutory Auditors
Chartered Accountants
First Floor
Unit 55 Ffordd William Morgan
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JG



ACCOUNTANTS: Powell Chartered Accountants
Market Street
Ruthin
Denbighshire
LL15 1AU

Moelogan 2 C.C.C. (Registered number: 05757350)

Strategic Report
for the year ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
Moelogan 2 CCC owns and operates nine 1.3MW wind turbines on Moel Moelogan, North Wales. Electricity generation commenced after commissioning in October 2008.

The company's main customer is Engie Power Limited.
At 31 March 2024 the balance sheet shows total net assets of £9,634,969 (2023: £8,704,644).


KEY PERFORMANCE INDICATORS

Year ending Year ending
31/3/2024 31/3/2023
£ £
Turnover 6,413,212 6,568,750

Gross profit 5,836,781 91% 6,107,432 93%

Earnings before interest, charges, tax and depreciation 5,397,204 84% 5,715,393 87%

Net profit after tax 5,446,936 4,378,386

PRINCIPAL RISKS AND UNCERTAINTIES
The principle risks facing the company are fluctuating wind levels, changes in electricity market prices and mechanical failure of the turbines.
The potential impact of the Euro is considered to be minimal. All day to day purchases and sales are invoiced in Sterling.

ON BEHALF OF THE BOARD:





Mr J P Hardy - Director


2 October 2024

Moelogan 2 C.C.C. (Registered number: 05757350)

Report of the Directors
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
Interim dividends totalling £3,940,611 were paid during the year under review (2023: £3,653,198). No final dividend has been paid for the year ended 31 March 2024 (2023: Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr C J Tanner
Mr M Ma
Mr J P Hardy

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J P Hardy - Director


2 October 2024

Report of the Independent Auditors to the Members of
Moelogan 2 C.C.C.

Opinion
We have audited the financial statements of Moelogan 2 C.C.C. (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Moelogan 2 C.C.C.


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Moelogan 2 C.C.C.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
















Jonathan Ward (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Statutory Auditors
Chartered Accountants
First Floor
Unit 55 Ffordd William Morgan
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JG

3 October 2024

Moelogan 2 C.C.C. (Registered number: 05757350)

Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 6,413,212 6,568,750

Cost of sales 576,431 461,318
GROSS PROFIT 5,836,781 6,107,432

Administrative expenses 439,793 393,398
OPERATING PROFIT 5 5,396,988 5,714,034

Amounts written off intercompany loan 6 (1,019,602 ) -
6,416,590 5,714,034

Interest payable and similar expenses 7 229,389 346,802
PROFIT BEFORE TAXATION 6,187,201 5,367,232

Tax on profit 8 740,265 988,846
PROFIT FOR THE FINANCIAL YEAR 5,446,936 4,378,386

Moelogan 2 C.C.C. (Registered number: 05757350)

Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 5,446,936 4,378,386


OTHER COMPREHENSIVE INCOME
Impairment of plant and machinery (768,000 ) -
Deferred tax movement on revalued assets 192,000 (637,452 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(576,000

)

(637,452

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,870,936 3,740,934

Moelogan 2 C.C.C. (Registered number: 05757350)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 15,591,000 16,359,000

CURRENT ASSETS
Debtors: amounts falling due within one year 11 1,481,560 1,546,899
Debtors: amounts falling due after more than
one year

11

39,500

39,500
Cash at bank 1,335,235 148,983
2,856,295 1,735,382
CREDITORS
Amounts falling due within one year 12 2,305,867 2,719,006
NET CURRENT ASSETS/(LIABILITIES) 550,428 (983,624 )
TOTAL ASSETS LESS CURRENT LIABILITIES 16,141,428 15,375,376

CREDITORS
Amounts falling due after more than one year 13 (2,735,021 ) (2,735,021 )

PROVISIONS FOR LIABILITIES 16 (3,771,438 ) (3,935,711 )
NET ASSETS 9,634,969 8,704,644

CAPITAL AND RESERVES
Called up share capital 17 50,000 50,000
Revaluation reserve 18 7,392,147 7,968,147
Retained earnings 18 2,192,822 686,497
SHAREHOLDERS' FUNDS 9,634,969 8,704,644

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





Mr J P Hardy - Director


Moelogan 2 C.C.C. (Registered number: 05757350)

Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 50,000 (38,691 ) 8,605,599 8,616,908

Changes in equity
Total comprehensive income - 4,378,386 (637,452 ) 3,740,934
Dividends - (3,653,198 ) - (3,653,198 )
Balance at 31 March 2023 50,000 686,497 7,968,147 8,704,644

Changes in equity
Total comprehensive income - 5,446,936 (576,000 ) 4,870,936
Dividends - (3,940,611 ) - (3,940,611 )
Balance at 31 March 2024 50,000 2,192,822 7,392,147 9,634,969

Moelogan 2 C.C.C. (Registered number: 05757350)

Cash Flow Statement
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,386,252 5,416,130
Interest paid (259,389 ) (346,802 )
Net cash from operating activities 5,126,863 5,069,328

Cash flows from financing activities
Loan repayments in year - (1,600,000 )
Equity dividends paid (3,940,611 ) (3,653,198 )
Net cash from financing activities (3,940,611 ) (5,253,198 )

Increase/(decrease) in cash and cash equivalents 1,186,252 (183,870 )
Cash and cash equivalents at beginning of year 2 148,983 332,853

Cash and cash equivalents at end of year 2 1,335,235 148,983

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Cash Flow Statement
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 6,187,201 5,367,232
Holding company loan write off (1,019,602 ) -
Finance costs 229,389 346,802
5,396,988 5,714,034
Decrease/(increase) in trade and other debtors 65,338 (640,840 )
(Decrease)/increase in trade and other creditors (76,074 ) 342,936
Cash generated from operations 5,386,252 5,416,130

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 1,335,235 148,983
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 148,983 332,853


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank 148,983 1,186,252 1,335,235
148,983 1,186,252 1,335,235
Debt
Debts falling due after 1 year (2,735,021 ) - (2,735,021 )
(2,735,021 ) - (2,735,021 )
Total (2,586,038 ) 1,186,252 (1,399,786 )

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Moelogan 2 C.C.C. is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Moelogan 2 CCC is a wholly owned subsidiary of Moelogan (Holdings) Cyfyngedig, a private company registered in England and Wales (company registration number 06517525).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities are as follows.

Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of twelve months after the date on which the annual report and financial statements are signed. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents revenue recognised by the company in respect of services supplied during the period, excluding value added tax.

Tangible fixed assets
On 31 March 2021 the accounting policy for plant and machinery was changed from depreciated cost (straight line over 20 years) to fair value measurement resulting in the creation of the revaluation reserve and consequential adjustment to the deferred tax provision. Annual impairment reviews are carried out in lieu of a fixed depreciation charge. The most recent impairment review was carried out on 31 March 2024, further details of the valuation can be found in the 'Tangible Fixed Assets' note overleaf.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The company's principal source of income is the sale of electricity and related incomes. The company's main customer is Engie Power Limited.

There are no distinguishable segments on which to report within the company.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Auditors' remuneration 13,250 7,830

6. AMOUNTS WRITTEN OFF INTERCOMPANY LOAN
2024 2023
£    £   
Loan write off- parent company (1,019,602 ) -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
JLEAG loan interest 218,802 346,802
Interest on taxation 10,587 -
229,389 346,802

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 712,538 656,029

Deferred tax 27,727 332,817
Tax on profit 740,265 988,846

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 6,187,201 5,367,232
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

1,546,800

1,019,774

Effects of:
Capital allowances in excess of depreciation (27,727 ) (25,698 )
Deferred tax movement 27,727 332,817
Tax loss surrendered from group companies y/e 31/3/2023 (551,634 ) (338,047 )
Loan from Parent company written off (254,901 ) -
Total tax charge 740,265 988,846

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Impairment of plant and machinery (768,000 ) - (768,000 )
Deferred tax movement on revalued assets 192,000 - 192,000
(576,000 ) - (576,000 )

2023
Gross Tax Net
£    £    £   
Deferred tax movement on revalued assets (637,452 ) - (637,452 )

9. DIVIDENDS
2024 2023
£    £   
Interim 3,940,611 3,653,198

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

10. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST OR VALUATION
At 1 April 2023 16,359,000
Impairments (768,000 )
At 31 March 2024 15,591,000
NET BOOK VALUE
At 31 March 2024 15,591,000
At 31 March 2023 16,359,000

Plant and machinery represents the fair value of nine wind turbines.

Cost or valuation at 31 March 2024 is represented by:

Plant and
machinery
£   
Valuation in 2021 16,359,000
Valuation in 2024 (768,000 )
15,591,000

If plant and machinery had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 13,480,943 13,480,943
Aggregate depreciation 7,746,139 7,746,139

Plant and machinery were valued on an open market basis on 31 March 2024 by Foresight Group .

Historically, plant and machinery had been recognised at cost less accumulated depreciation (straight line over 20 years). On 31 March 2021 the accounting policy was changed to fair value measurement. An impairment of the wind turbines' value was considered appropriate on 31 March 2024, the valuation and impairment adjustment are shown above.

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 321,596 -
Accrued income and other debtors 1,027,665 1,323,019
Prepayments 132,299 223,880
1,481,560 1,546,899

Amounts falling due after more than one year:
Decommissioning bond 39,500 39,500

Aggregate amounts 1,521,060 1,586,399

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 74,042 191,510
Amounts owed to group undertakings - 1,019,602
Tax 1,717,200 994,076
VAT 420,069 274,637
Accruals and deferred income 94,556 239,181
2,305,867 2,719,006

Amounts owed to group undertakings represents a historic loan balance of £1,019,602 due to Moelogan 2 (Holdings) Cyf. This loan was written off in the books of both companies on 31 March 2024.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 2,735,021 2,735,021

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
JLEAG loan from parent
undertaking more 5 years 2,735,021 2,735,021
2,735,021 2,735,021

JLEN Environmental Assets Group (UK) Limited - (JLEAG)
On 19 April 2017 a loan facility was created between JLEAG and Moelogan 2 CCC comprising a loan of £4,335,021 at an interest rate of 8% per annum, with final repayment due on 30 September 2038. On 31 March 2023 there was a loan repayment of £1.6m, leaving a balance outstanding at the balance sheet date of £2,735,021.

15. FINANCIAL INSTRUMENTS

The carrying amounts of the financial assets and liabilities include:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 321,596 -
Accrued income 1,027,665 1,323,019
Decommissioning bond 39,500 39,500
Cash at bank 1,335,235 148,129

Financial liabilities measured at amortised cost
Trade creditors (74,041 ) (191,510 )
Accruals and deferred income (94,556 ) (239,181 )
JLEAG loan (owed to group undertaking) (2,735,021 ) (2,735,021 )
Amount owed to group undertaking - Moelogan 2 (Holdings) - (1,019,602 )


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,771,438 3,935,711

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 3,935,711
Provided during year 27,727
Adj. relating to revaluation (192,000 )
Balance at 31 March 2024 3,771,438

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 686,497 7,968,147 8,654,644
Profit for the year 5,446,936 5,446,936
Dividends (3,940,611 ) (3,940,611 )
Impairment of plant and
machinery - (768,000 ) (768,000 )
Deferred tax movement on
revalued assets - 192,000 192,000
At 31 March 2024 2,192,822 7,392,147 9,584,969

The reserves contain a non distributable revaluation uplift of £7,392,147.

19. ULTIMATE PARENT COMPANY

The company's immediate parent company is Moelogan 2 (Holdings) Cyf, which in turn is a wholly owned subsidiary of JLEN Environmental Assets Group (UK) Limited whose parent company is JLEN Environmental Assets Group Limited.

The ultimate controlling entity is JLEN Environmental Assets Group Limited, a limited corporate entity incorporated in Guernsey, Channel Islands. The registered address of JLEN Environmental Assets Group Limited is 1 Royal Plaza Royal Avenue, St Peter Port, Guernsey, GY1 2HL.

20. OTHER FINANCIAL COMMITMENTS

Community Fund
At commencement of the business, Moelogan 2 CCC agreed to make an annual contribution of £15,000 to be shared equally between two neighbouring Community Councils (Bro Garmon and Bro Cernyw), by way of annual, index linked payments for the duration of the wind farm project.

Lease Payments
Moelogan 2 CCC is contracted to pay £70,200 per annum (indexed) for the lease of turbine sites and necessary rights.

Moelogan 2 C.C.C. (Registered number: 05757350)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

21. RELATED PARTY DISCLOSURES

Moelogan 2 (Holdings) Cyf
On 31 March 2024 a loan due from Moelogan 2 CCC to Moelogan 2 (Holdings) Cyf (its immediate parent company) of £1,019,602 was written off in both companies. This balance related to a historic loan arising on proceeds raised from a share issue in the holding company in 2008, no interest was charged on the loan.

JLEN Environmental Assets Group (UK) Limited
A formal loan was made to Moelogan 2 CCC on 19 April 2017, the capital balance outstanding at the year end was £2,735,021. During the year interest totalling £218,802 (2023: £346,802) was paid to JLEN Environmental Assets Group (UK) Limited, and an accrual for interest of £44,926 (2023: £85,513) is included on the balance sheet.

The tax return for the year ended 31 March 2023 was adjusted during the current year to include tax losses surrendered from various group companies to Moelogan 2 CCC. The resulting corporation tax reduction of £551,634 (2023: £338,047) reduces the current year tax charge.