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REGISTERED NUMBER: SC415420 (Scotland)















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 6,195,760 6,516,869

Current assets
Debtors 5 334,281 543,307
Cash at bank 2,237,162 1,819,675
2,571,443 2,362,982
Creditors
Amounts falling due within one year 6 (2,022,543 ) (1,746,508 )
Net current assets 548,900 616,474
Total assets less current liabilities 6,744,660 7,133,343

Creditors
Amounts falling due after more than one year 7 (4,607,100 ) (4,787,212 )

Provisions for liabilities (493,923 ) (546,065 )
Net assets 1,643,637 1,800,066

Capital and reserves
Called up share capital 9 100 100
Retained earnings 1,643,537 1,799,966
Shareholders' funds 1,643,637 1,800,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:




A C Hodge - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC415420

Registered office: Humbie Mill
Humbie
East Lothian
EH36 5PB

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 8,027,737
Depreciation
At 1 February 2023 1,510,868
Charge for year 321,109
At 31 January 2024 1,831,977
Net book value
At 31 January 2024 6,195,760
At 31 January 2023 6,516,869

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 320,642 527,023
Other debtors 13,639 16,284
334,281 543,307

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans 209,457 242,320
Trade creditors 1,785,164 1,422,041
Taxation and social security 374 54,599
Other creditors 27,548 27,548
2,022,543 1,746,508

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 3,952,086 4,132,198
Other creditors 655,014 655,014
4,607,100 4,787,212

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 4,161,543 4,374,518

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: £    £   
100 Ordinary £1 100 100