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COMPANY REGISTRATION NUMBER: 09780238
Ynni Llety Cyf
Filleted Unaudited Financial Statements
For the period ended
31 March 2024
Ynni Llety Cyf
Financial Statements
Period from 1 October 2022 to 31 March 2024
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Ynni Llety Cyf
Officers and Professional Advisers
The board of directors
Mr R W Williams
Mr H W Davies
Company secretary
Mrs N E Williams
Registered office
2 Oldfield Road
Bocam Park
Bridgend
Bridgend County Borough
CF35 5LJ
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Lloyds Bank Plc
31 Queen St
Cardiff
CF10 2AG
Ynni Llety Cyf
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ynni Llety Cyf
Period from 1 October 2022 to 31 March 2024
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ynni Llety Cyf You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
6 November 2024
Ynni Llety Cyf
Statement of Financial Position
31 March 2024
31 Mar 24
30 Sep 22
Note
£
£
£
Fixed assets
Tangible assets
5
912,630
995,785
Current assets
Debtors
6
161,326
81,022
Cash at bank and in hand
361,315
381,034
---------
---------
522,641
462,056
Creditors: amounts falling due within one year
7
( 815,420)
( 895,131)
---------
---------
Net current liabilities
( 292,779)
( 433,075)
---------
---------
Total assets less current liabilities
619,851
562,710
Provisions
Taxation including deferred tax
( 148,415)
( 115,291)
---------
---------
Net assets
471,436
447,419
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
9
471,336
447,319
---------
---------
Shareholders funds
471,436
447,419
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ynni Llety Cyf
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Mr R W Williams
Director
Company registration number: 09780238
Ynni Llety Cyf
Notes to the Financial Statements
Period from 1 October 2022 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, Bridgend County Borough, CF35 5LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover represents income received from feed in tariffs, power purchase agreements and other agreements for the Wind Farm, net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Wind Farm
-
5% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2022: 2 ).
5. Tangible assets
Wind Farm
Equipment
Total
£
£
£
Cost
At 1 October 2022
1,414,436
2,165
1,416,601
Additions
280
280
------------
-------
------------
At 31 March 2024
1,414,436
2,445
1,416,881
------------
-------
------------
Depreciation
At 1 October 2022
420,515
301
420,816
Charge for the period
82,508
927
83,435
------------
-------
------------
At 31 March 2024
503,023
1,228
504,251
------------
-------
------------
Carrying amount
At 31 March 2024
911,413
1,217
912,630
------------
-------
------------
At 30 September 2022
993,921
1,864
995,785
------------
-------
------------
6. Debtors
31 Mar 24
30 Sep 22
£
£
Trade debtors
19,944
8,122
Other debtors
141,382
72,900
---------
--------
161,326
81,022
---------
--------
7. Creditors: amounts falling due within one year
31 Mar 24
30 Sep 22
£
£
Trade creditors
1,075
940
Social security and other taxes
45,227
35,191
Other creditors
769,118
859,000
---------
---------
815,420
895,131
---------
---------
8. Called up share capital
Issued, called up and fully paid
31 Mar 24
30 Sep 22
No.
£
No.
£
Ordinary shares of £ 1 each
50
50
50
50
Ordinary A shares of £ 1 each
24
24
24
24
Ordinary B shares of £ 1 each
26
26
26
26
----
----
----
----
100
100
100
100
----
----
----
----
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Related party transactions
Included in other creditors is an amount owed to Mr R W Williams :
2024
£
Opening balance as at 1 October 2022 638,020
Repaid (130,125)
Net interest credit 66,934
---------
Closing balance as at 31 March 2024 574,829
---------
There are no fixed terms of repayment or and interest is charged at 9% Included in other creditors is an amount owed to Mrs N Williams.
2024
£
Opening balance as at 1 October 2022 217,355
Repaid (50,480)
Net interest credit 24,369
---------
Closing balance as at 31 March 2024 191,244
---------
There are no fixed terms of repayment and interest is charged at 9%. Mr R W Williams and Mrs N Williams are related through control and significant influence.