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Company registration number: 08045323
Industrial & Community Wind Generation No2 Limited
Unaudited filleted financial statements
31 August 2024
Industrial & Community Wind Generation No2 Limited
Contents
Balance sheet
Statement of changes in equity
Notes to the financial statements
Industrial & Community Wind Generation No2 Limited
Balance sheet
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 2,698,190 2,884,911
_______ _______
2,698,190 2,884,911
Current assets
Debtors 7 168,482 295,664
Cash at bank and in hand 168,805 191,540
_______ _______
337,287 487,204
Creditors: amounts falling due
within one year 8 ( 767,036) ( 785,631)
_______ _______
Net current liabilities ( 429,749) ( 298,427)
_______ _______
Total assets less current liabilities 2,268,441 2,586,484
Provisions for liabilities ( 651,444) ( 693,053)
_______ _______
Net assets 1,616,997 1,893,431
_______ _______
Capital and reserves
Called up share capital 9 25 25
Revaluation reserve 1,607,610 1,712,591
Profit and loss account 9,362 180,815
_______ _______
Shareholders funds 1,616,997 1,893,431
_______ _______
For the year ending 31 August 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 year 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 November 2024 , and are signed on behalf of the board by:
Mr N S Curtis
Director
Company registration number: 08045323
Industrial & Community Wind Generation No2 Limited
Statement of changes in equity
Year ended 31 August 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 September 2022 25 1,817,572 183,538 2,001,135
Profit for the year 92,296 92,296
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account ( 104,981) 104,981 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 104,981) 197,277 92,296
Dividends paid and payable ( 200,000) ( 200,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 200,000) ( 200,000)
_______ _______ _______ _______
At 31 August 2023 and 1 September 2023 25 1,712,591 180,815 1,893,431
Profit for the year 123,566 123,566
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account ( 104,981) 104,981 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 104,981) 228,547 123,566
Dividends paid and payable ( 400,000) ( 400,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 400,000) ( 400,000)
_______ _______ _______ _______
At 31 August 2024 25 1,607,610 9,362 1,616,997
_______ _______ _______ _______
Industrial & Community Wind Generation No2 Limited
Notes to the financial statements
Year ended 31 August 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 384 Linthorpe Road, Middlesbrough, TS5 6HA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
Wind turbine - 4 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 Balance sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 82,798 106,865
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 41,609) 135,556
_______ _______
Tax on profit 41,189 242,421
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Wind turbine Total
£ £ £
Cost
At 1 September 2023 and 31 August 2024 2,694 4,000,000 4,002,694
_______ _______ _______
Depreciation
At 1 September 2023 1,501 1,116,282 1,117,783
Charge for the year 674 186,047 186,721
_______ _______ _______
At 31 August 2024 2,175 1,302,329 1,304,504
_______ _______ _______
Carrying amount
At 31 August 2024 519 2,697,671 2,698,190
_______ _______ _______
At 31 August 2023 1,193 2,883,718 2,884,911
_______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Wind turbine Total
£ £
At 31 August 2024
Aggregate cost 1,151,793 1,151,793
Aggregate depreciation (483,753) (483,753)
_______ _______
Carrying amount 668,040 668,040
_______ _______
At 31 August 2023
Aggregate cost 1,151,793 1,151,793
Aggregate depreciation (437,682) (437,682)
_______ _______
Carrying amount 714,111 714,111
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 51,935 43,202
Other debtors 116,547 252,462
_______ _______
168,482 295,664
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 489 76,612
Amounts owed to group undertakings and undertakings in which the company has a participating interest 555,021 550,988
Corporation tax 82,798 106,865
Social security and other taxes 7,326 8,480
Other creditors 121,402 42,686
_______ _______
767,036 785,631
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 25 25 25 25
_______ _______ _______ _______
During the year there were no directors advances, credits or guarantees.
10. Controlling party
The ultimate parent company is Industrial & Community Wind Generation Limited .