REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
DIAMOND WIND LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 January 2024 |
for |
DIAMOND WIND LIMITED |
DIAMOND WIND LIMITED (REGISTERED NUMBER: SC415420) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
DIAMOND WIND LIMITED (REGISTERED NUMBER: SC415420) |
Balance Sheet |
31 January 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 |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
DIAMOND WIND LIMITED (REGISTERED NUMBER: SC415420) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | Statutory information |
Diamond Wind Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover consists of sales of renewable energy, exclusive of Value Added Tax together with revenue earned under the Renewable Obligation Certificates ("ROCs") regime. Electricity sales are based on monthly meter readings. "ROCs" revenue is based on units generated during the period at an estimated selling price. |
Interest receivable |
Interest income is earned on bank deposits and is recognised as income in the period in which it is earned. |
Tangible fixed assets |
Operating wind farm |
Assets under construction that are commissioned and enter operation in the financial year are transferred from the appropriate category of assets in the fixed asset schedule. |
Depreciation |
Depreciation is provided on tangible assets, at rates calculated to write off the cost, less estimated residual value, on a straight-line basis over their expected useful lives. The following expected useful lives are used for calculation of depreciation: |
- Operating wind farm - 25 years |
Depreciation commences when the asset becomes substantially ready for its intended use. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
DIAMOND WIND LIMITED (REGISTERED NUMBER: SC415420) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | Accounting policies - continued |
Taxation |
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short |
maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
DIAMOND WIND LIMITED (REGISTERED NUMBER: SC415420) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | Tangible fixed assets |
Operating |
wind farm |
£ |
Cost |
At 1 February 2023 |
and 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans |
Trade creditors |
Taxation and social security |
Other creditors |
The directors' loans are unsecured, interest free and carry no schedule of repayment. |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
The directors' loans are unsecured, interest free and carry no schedule of repayment. The directors have advised that they will not seek repayment of their loan balances falling due after more than one year within a year of the balance sheet date. |
DIAMOND WIND LIMITED (REGISTERED NUMBER: SC415420) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by floating charge over all the property, undertakings and assets of the company and by standard security and personal guarantee granted by the director. |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |