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REGISTERED NUMBER: SC355386 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED

UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED (REGISTERED NUMBER: SC355386)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: D G Murray
B McDougall
M G MacDonald
G Entwistle
M N D Kaye



SECRETARY: Grant Smith Law Practice Limited



REGISTERED OFFICE: Amicable House
252 Union Street
ABERDEEN
AB10 1TN



REGISTERED NUMBER: SC355386 (Scotland)



AUDITORS: Bain Henry Reid
Statutory Auditors
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL



BANKERS: Triodos Bank
Deanery Road
BRISTOL
BS1 5AS

UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED (REGISTERED NUMBER: SC355386)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 675,663 727,990

CURRENT ASSETS
Debtors 5 193,952 199,842
Cash at bank and in hand 252,651 129,906
446,603 329,748
CREDITORS
Amounts falling due within one year 6 216,138 131,922
NET CURRENT ASSETS 230,465 197,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

906,128

925,816

CREDITORS
Amounts falling due after more than one year 7 (173,870 ) (270,837 )

PROVISIONS FOR LIABILITIES (125,464 ) (100,592 )

ACCRUALS AND DEFERRED INCOME (7,889 ) (8,497 )
NET ASSETS 598,905 545,890

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 598,904 545,889
SHAREHOLDERS' FUNDS 598,905 545,890

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





M N D Kaye - Director


UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED (REGISTERED NUMBER: SC355386)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Udny Community Wind Turbine Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 15% on reducing balance and Straight line over 26 years

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

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.

Government grants
Grants related to expenditure on tangible assets are credited to profit at the same rate as the depreciation on the assets to which the grants relate. The amounts shown in the balance sheet in respect of grants consist of the total grants receivable to date, less the amounts so far credited to profit. Grants of a revenue nature are credited to income in the period to which they relate.

Gift aid payments to parent charity
The company pays all its taxable profits for the reporting period to its parent charity under the gift aid scheme. These gift aid payments are recognised as distributions to owners in equity within retained earnings.

The company does not have any legal obligation in place at the reporting date to make the final gift aid payment in respect of the reporting period to the parent charity. Therefore, gift aid payments are only recognised in the reporting period that the payment is made. The final gift aid payment is planned to be made within 9 months of the end of the reporting date.

3. EMPLOYEES AND DIRECTORS

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

UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED (REGISTERED NUMBER: SC355386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 1,356,442
DEPRECIATION
At 1 March 2023 628,452
Charge for year 52,327
At 29 February 2024 680,779
NET BOOK VALUE
At 29 February 2024 675,663
At 28 February 2023 727,990

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 178,716 186,888
Other debtors 15,236 12,954
193,952 199,842

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 96,966 91,807
Taxation and social security 47,611 3,904
Other creditors 71,561 36,211
216,138 131,922

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 173,870 270,837

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 74,000 43,000
Between one and five years 297,000 173,000
In more than five years 600,000 394,000
971,000 610,000

Non-cancellable operating leases relate to a land lease agreement which expires in 2037.

UDNY COMMUNITY WIND TURBINE COMPANY
LIMITED (REGISTERED NUMBER: SC355386)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 270,836 362,644

Bank borrowings are secured by a bond and floating charge over all assets and undertakings, a standard security over the company's interest under the lease of the subjects at Tillymaud, Udny, a first debenture over all monies, and a first charge over the share held by Udny Community Trust Company Limited.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen E Gardiner BA CA CTA (Senior Statutory Auditor)
for and on behalf of Bain Henry Reid

11. CONTINGENT LIABILITIES

Triodos Bank have guaranteed a contingent liability of £12,500 in respect of a decommissioning bond in favour of Aberdeenshire Council expiring 11 April 2039.

12. RELATED PARTY DISCLOSURES

During the year the company paid £8,247 (2023: £7,559) for bookkeeping services and for managing the company's finances, admin and day to day operations, to Oceangrove Geoscience Limited, a company in which one of the directors is also a director. The balance owing by the company at the year end amounted to £nil (2023: £nil).

13. ULTIMATE PARENT COMPANY

Udny Community Trust Company Limited (incorporated in Scotland) is regarded by the directors as being the company's ultimate parent company. The parent company's registered office address is 252 Union Street, Aberdeen, AB10 1TN and it's principal place of business is 14 Oldmeldrum Road, Pitmedden, Ellon, Aberdeenshire, AB41 7AG.