REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
AIS WIND ENERGY LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
AIS WIND ENERGY LTD |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
AIS WIND ENERGY LTD |
COMPANY INFORMATION |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
2-4 St Ann's Square |
Manchester |
M2 7HD |
SOLICITORS: |
2nd Floor, 19 Spring Gardens |
Manchester |
M2 1FB |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
STATEMENT OF FINANCIAL POSITION |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
AIS Wind Energy Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
a) Long term contracts |
The valuation of the final outcome of long term contracts is estimated using information and assessments by experienced management. The basis on which this is calculated is set out in the accounting policies for turnover and long term contracts. |
b) Useful economic lives |
The useful economic lives of tangible fixed assets is assessed on an annual basis on the latest available information. Management believe that the useful economic lives being used currently are still appropriate. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided and is shown net of VAT. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, which is usually at the point the customer has signed for the goods. |
Turnover from long term contracts is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably.The stage of completion is calculated by comparing costs incurred for work performed to date, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
Long term contracts |
Profit on long term contracts is taken as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out by the year end by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract revenue costs incurred to date, compared to total expected costs for that contract. Revenue derived from variations on contracts is recognised only when they have been accepted by the customers. Full provision is made for losses on all contracts in the year in which they are foreseen. |
Amounts recoverable/payable on contracts are stated at cost plus any attributable profit less any foreseeable losses and are included in debtors/creditors accordingly. Payments on account are included in creditors. |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less depreciation and impairment. Depreciation is calculated at the following annual rates to write off each asset over it's estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Improvements to property | 33.33% | straight line basis |
Plant and machinery | 5-10% | reducing balance basis |
Fixtures and fittings | 15% | reducing balance basis |
Computer equipment | 25% | reducing balance basis |
Motor vehicles | 10-25% | reducing balance basis |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Financial instruments |
The company only holds basic financial instruments, as defined under Section 11 of FRS 102. |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors, overdrafts and related party loans, are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The net book value of tangible fixed assets includes £7,749,406 (2023: £8,172,501) in respect of assets held under finance leases. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 270 | 270 |
Tax |
Amounts recoverable on |
contracts |
Prepayments and accrued income |
The company has an invoice discounting agreement against which certain debtors are assigned. |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Invoice discounting | 440,680 | 1,031,504 |
Contract costs |
Accrued expenses and deferred |
income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Finance leases (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Finance leases | 6,904,666 | 7,864,160 |
Invoice discounting | 440,680 | 1,031,504 |
The bank overdraft is secured by a debenture and floating charge over all assets of the company. Also, a composite unlimited multilateral guarantee between the company and AIS Projects Limited, AIS Vanguard Limited, AIS Integrated Services Limited and Ainscough Industrial Services Limited. |
The invoice discounting facility is secured by a fixed charge over the book debts, together with unlimited multilateral guarantees from Ainscough Industrial Services Limited and AIS Vanguard Limited. |
Finance lease contracts are secured on the assets concerned. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 285,181 | - |
Deferred |
tax |
£ |
Charge to Income Statement during year |
Balance at 31 May 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 30 | 30 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
At 31 May 2024 |
AIS WIND ENERGY LTD (REGISTERED NUMBER: 11772161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
During the year the following transactions were entered into with related parties: |
AIS Vanguard Limited |
An intercompany loan exists with cost recharges/expenses of £52,066 (2023: £62,904) incurred with payments/receipts and loan transfers of £2,507,544 (2023: £2,279,764). |
As at the year end £9,857,280 (2023: £7,297,670) remains due to the company. |
Net purchases of £12,885 (2023: £59,524) were recorded, with £2,774 (2023: £14,839) due as at 31 May 2024. |
AIS Projects Limited |
An intercompany loan exists with cost recharges/expenses of £33,256 (2023: £1,169,149) incurred with payments/receipts and loan transfers of £141,006 (2023: £73,625). |
As at the year end £4,221,092 (2023: £3,105,750) remains due to the company. |
Net purchases of £Nil (2023: £21,319) were recorded, with £Nil (2023: £5,545) due as at 31 May 2024. |
AIS Integrated Services Limited |
An intercompany loan exists with loan transfers of £Nil (2023: £Nil). |
As at the year end £53,444 (2023: £53,444) remains due to the company. |
Ainscough Industrial Services Limited |
An intercompany loan exists with cost recharges/expenses of £Nil (2023: £Nil) incurred with payments/receipts of £2,981,493 (2023: £4,036,477). |
As at the year end £13,033,368 (2023: £10,051,871) remains due from the company. |
Net purchases of £88,985 (2023: £434,940) were recorded, of which £380,000 (2023: £240,004) related to management charges. |
Purchase creditors of £304,005 (2023: £115,495) were due as at 31 May 2024. |
Net sales of £2,090 (2023 - £1,900) were recorded, with £3,420 (2023 - £2,280) due as at 31 May 2024. |
Directors |
Included in Debtors is £270 (2023: £270) due from Directors of the company. |
During the year dividends of £Nil (2023 - £93,668) were paid to certain directors. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
16. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Ainscough Industrial Services Limited, a company registered in England and Wales, which prepares group financial statements. Copies can be obtained from Vanguard House, Bradley Lane, Standish, Wigan WN6 0XF. |