REGISTERED NUMBER: |
Financial Statements |
for the year ended |
31 March 2024 |
for |
Cwmni Gwynt Teg Cyf |
REGISTERED NUMBER: |
Financial Statements |
for the year ended |
31 March 2024 |
for |
Cwmni Gwynt Teg Cyf |
Cwmni Gwynt Teg Cyf (Registered number: 03545697) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cwmni Gwynt Teg Cyf |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
First Floor |
Unit 55 Ffordd William Morgan |
St Asaph Business Park |
St Asaph |
Denbighshire |
LL17 0JG |
ACCOUNTANTS: |
Market Street |
Ruthin |
Denbighshire |
LL15 1AU |
Cwmni Gwynt Teg Cyf (Registered number: 03545697) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cwmni Gwynt Teg Cyf (Registered number: 03545697) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Cwmni Gwynt Teg Cyf is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
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. |
Cwmni Gwynt Teg Cyf (Registered number: 03545697) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 April 2023 |
Impairments | (987,000 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Plant and |
machinery |
etc |
£ |
Valuation in 2021 | 4,231,000 |
Valuation in 2024 | (987,000 | ) |
3,244,000 |
If plant and machinery had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,978,752 | 1,978,752 |
Aggregate depreciation | 1,832,115 | 1,832,115 |
Plant and machinery was valued on an open market basis basis on 31 March 2021 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. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued income |
Prepayments |
Cwmni Gwynt Teg Cyf (Registered number: 03545697) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
VAT | 122,563 | 63,380 |
Accrued expenses |
7. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 807,954 | 1,054,035 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Adj. relating to revaluation | (246,750 | ) |
Balance at 31 March 2024 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2023 |
Impairment of plant and |
machinery | (987,000 | ) |
Deferred tax movement on |
revalued assets | 246,750 |
At 31 March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
CGT Investments Limited (the immediate parent company) surrendered a tax loss to Cwmni Gwynt Teg Cyf during the year. The loss arose from interest payments on a loan to CGT Investments Limited from its immediate parent company, JLEN Environmental Assets Group (UK) Limited. |
11. | ULTIMATE PARENT COMPANY |
Cwmni Gwynt Teg Cyf is a wholly owned subsidiary of CGT Investments Limited, 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. |