Silverfin false false 31/03/2024 01/04/2023 31/03/2024 James Alan Twatt 11/12/2015 James Graham Twatt 19/10/2009 Dianne Elizabeth Wiseman 19/10/2009 20 November 2024 The principal activity of the company during the financial year continued to be that of the provision of wind generated electricity. SC367069 2024-03-31 SC367069 bus:Director1 2024-03-31 SC367069 bus:Director2 2024-03-31 SC367069 bus:Director3 2024-03-31 SC367069 2023-03-31 SC367069 core:CurrentFinancialInstruments 2024-03-31 SC367069 core:CurrentFinancialInstruments 2023-03-31 SC367069 core:Non-currentFinancialInstruments 2024-03-31 SC367069 core:Non-currentFinancialInstruments 2023-03-31 SC367069 core:ShareCapital 2024-03-31 SC367069 core:ShareCapital 2023-03-31 SC367069 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC367069 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC367069 core:OtherPropertyPlantEquipment 2023-03-31 SC367069 core:OtherPropertyPlantEquipment 2024-03-31 SC367069 core:DeferredTaxation 2024-03-31 SC367069 core:DeferredTaxation 2023-03-31 SC367069 core:OtherProvisionsContingentLiabilities 2024-03-31 SC367069 core:OtherProvisionsContingentLiabilities 2023-03-31 SC367069 core:SwapContract core:CurrentFinancialInstruments 2024-03-31 SC367069 core:SwapContract core:CurrentFinancialInstruments 2023-03-31 SC367069 core:SwapContract core:Non-currentFinancialInstruments 2024-03-31 SC367069 core:SwapContract core:Non-currentFinancialInstruments 2023-03-31 SC367069 bus:OrdinaryShareClass1 2024-03-31 SC367069 core:WithinOneYear 2024-03-31 SC367069 core:WithinOneYear 2023-03-31 SC367069 core:BetweenOneFiveYears 2024-03-31 SC367069 core:BetweenOneFiveYears 2023-03-31 SC367069 2023-04-01 2024-03-31 SC367069 bus:FilletedAccounts 2023-04-01 2024-03-31 SC367069 bus:SmallEntities 2023-04-01 2024-03-31 SC367069 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC367069 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC367069 bus:Director1 2023-04-01 2024-03-31 SC367069 bus:Director2 2023-04-01 2024-03-31 SC367069 bus:Director3 2023-04-01 2024-03-31 SC367069 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC367069 2022-04-01 2023-03-31 SC367069 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC367069 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC367069 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC367069 core:OtherProvisionsContingentLiabilities 2023-04-01 2024-03-31 SC367069 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC367069 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC367069 (Scotland)

GREENHILL RENEWABLES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

GREENHILL RENEWABLES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GREENHILL RENEWABLES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
GREENHILL RENEWABLES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,083,866 1,166,222
1,083,866 1,166,222
Current assets
Debtors 4 968,231 837,834
Cash at bank and in hand 1,179,041 670,972
2,147,272 1,508,806
Creditors: amounts falling due within one year 5 ( 753,639) ( 380,234)
Net current assets 1,393,633 1,128,572
Total assets less current liabilities 2,477,499 2,294,794
Creditors: amounts falling due after more than one year 6 ( 306,588) ( 769,704)
Provision for liabilities 7 ( 264,734) ( 235,781)
Net assets 1,906,177 1,289,309
Capital and reserves
Called-up share capital 10 200 200
Profit and loss account 1,905,977 1,289,109
Total shareholder's funds 1,906,177 1,289,309

For the financial year 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 financial statements of Greenhill Renewables Limited (registered number: SC367069) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

Dianne Elizabeth Wiseman
Director
GREENHILL RENEWABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GREENHILL RENEWABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Greenhill Renewables Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Easter Cushnie, Gamrie, Banff, AB45 3HT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable from wind generated electricity and is recognised on a generation basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charge to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derivative financial instruments
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in the statement of income and retained earnings immediately.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the statement of income and retained earnings immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The cost of decommissioning the wind turbine at the end of its useful economic life has been recognised in the accounts as a component of the wind turbine asset and an associated provision.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 2,587,119 2,587,119
Additions 47,000 47,000
At 31 March 2024 2,634,119 2,634,119
Accumulated depreciation
At 01 April 2023 1,420,897 1,420,897
Charge for the financial year 129,356 129,356
At 31 March 2024 1,550,253 1,550,253
Net book value
At 31 March 2024 1,083,866 1,083,866
At 31 March 2023 1,166,222 1,166,222

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 519,877 519,877
Other debtors 448,354 317,957
968,231 837,834

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 463,116 198,543
Trade creditors 39,639 2,545
Taxation and social security 196,964 136,289
Other creditors 53,920 42,857
753,639 380,234

Bank loans are secured by a fixed security and floating charge over the assets and undertakings of the company. There is also a negative pledge to restrict the company from creating further security that will rank equally with or ahead of the charge.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 306,588 769,704

Bank loans are secured by a fixed security and floating charge over the assets and undertakings of the company. There is also a negative pledge to restrict the company from creating further security that will rank equally with or ahead of the charge.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 194,734 212,781
Other provisions 70,000 23,000
264,734 235,781

Other

Other provisions relate to a decommissioning provision in respect of a provision for the decommissioning of the wind turbine at the end of its useful life.

8. Financial instruments

The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2024 2023
£ £
Financial assets at fair value
Derivative financial assets due within one year (note 9) 26,830 46,399

9. Derivative financial instruments

Due within one year Due after one year
2024 2023 2024 2023
£ £ £ £
Financial assets included at fair value (included in debtors)
Swap contract 26,830 46,399 0 0

The interest rate swap arrangement has a fixed and floating rate. Interest is charged 6 monthly and the arrangement matures on 30 January 2026.

The interest rate swap arrangement has been accounted for at fair value based on the valuation carried out by the bank at 31 March 2024. Fair value is based on discounted cashflows over the term of the arrangement and the anticipated cashflows are a factor of the fixed and floating interest rates applied in the arrangement.

The main conditions that may affect the amount, timing and certainty of cashflows is the movement in variable rate of exchange.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 32,036 32,036
between one and five years 128,144 128,144
160,180 160,180

Operating lease payments represent rent payable by the company for the land on which the turbine is situated. The lease granted is for a period of 28 years with the option to extend by 5 years from the date of entry of 16 December 2011. Rent is payable for the period from the date of commissioning to the decommissioning date. From the date of commissioning until the tenth anniversary of that date the sum of £12,000 per megawatt of installed capacity is payable per annum and from the tenth anniversary of the commissioning date to the decommissioning date the sum of £15,000 per megawatt of installed capacity is payable. The turbine is 2.3 megawatts turbine.

Amounts due in over 5 years is unknown and will be payable to the decommissioning date.

Other financial commitments

2024 2023
£ £
Commitments in respect of parents and subsidiaries 1,641,198 1,910,493

The company is party to a cross guarantee with Milwind Limited. Milwind Limited is a wholly owned subsidiary of the holding company Furlin Ltd.

12. Events after the Balance Sheet date

On 21 May 2024, dividends totalling £50,000 were paid.