Company registration number 04518487 (England and Wales)
WINDJEN (BLAEN BOWI) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WINDJEN (BLAEN BOWI) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WINDJEN (BLAEN BOWI) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
1,756,946
1,955,860
Cash at bank and in hand
3,311,761
2,490,109
5,068,707
4,445,969
Creditors: amounts falling due within one year
6
(651,696)
(677,239)
Net current assets
4,417,011
3,768,730
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
4,417,010
3,768,729
Total equity
4,417,011
3,768,730
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 November 2024
Mr G D Jones
Director
Company Registration No. 04518487
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Windjen (Blaen Bowi) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plas Eirias Business Centre, Abergele Road, Colwyn Bay, LL29 8BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial assets at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the sale of electricity provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Straight line over remaining 10 years after revaluation
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 April 2023 and 31 March 2024
3,600,000
Depreciation and impairment
At 1 April 2023 and 31 March 2024
3,600,000
Carrying amount
At 31 March 2024
At 31 March 2023
Plant and machinery was valued on an open market basis on 25 June 2013 by Carter Jonas LLP. Original cost was £3,292,741 with an upward revaluation in 2013 of £307,259 to £3,600,000.
The original cost was £3,292,741, and accumulated depreciation to date based on that cost would be £3,292,741, which gives a carrying value under the historical cost convention of £nil (2023 - £nil).
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
156,946
155,860
Amounts owed by group undertakings
1,600,000
1,800,000
1,756,946
1,955,860
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
450,000
450,000
Corporation tax
92,966
136,374
Other taxation and social security
68,222
56,853
Other creditors
40,508
34,012
651,696
677,239
There is a debenture in place dated 26 July 2013 given by Windjen (Blaen Bowi) Limited supporting facilities granted by the bank.
A First Legal Charge is in place over the leasehold land known as land lying to the north of Blaen Bowi Windfarm, Capel Iwan, Newcastle Emlyn, dated 26 July 2013, given by the company, supporting bank facilities.
There is a cross guarantee in place dated 24 July 2013 given by Windjen Power Limited, Work Panel Limited and Windjen (Blaen Bowi) Limited, supporting facilities granted by the bank to the company.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
WINDJEN (BLAEN BOWI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Related party transactions
Jennings Building & Civil Engineering Limited
Windjen (Blaen Bowi) Limited and Jennings Building & Civil Engineering Limited are related by common control.
During the year Windjen (Blaen Bowi) Limited made purchases of £70,000 (2023: £65,750) from Jennings Building & Civil Engineering Limited. Included in debtors is an amount owed to Windjen (Blaen Bowi) Limited of £100,000 (2023: £200,000) by Jennings Building & Civil Eng Limited.
Windjen Power Limited
Windjen Power Limited is the parent company of Windjen (Blaen Bowi) Limited. Included in creditors is an amount owed by Windjen (Blaen Bowi) Limited to Windjen Power Limited of £450,000 (2023: £450,000).
Work Panel Limited
Work Panel Limited is the ultimate parent company of Windjen (Blaen Bowi) Limited. Included in debtors is an amount owed to Windjen (Blaen Bowi) Limited of £1,600,000 (2023: £1,600,000) by Work Panel Limited.
9
Parent company
The immediate parent company of Windjen (Blaen Bowi) Limited is Windjen Power Limited, incorporated in England and Wales, which owns 100% of the issued share capital.
The ultimate parent company is Work Panel Limited, incorporated in England and Wales.