Company Registration No. 07638055 (England and Wales)
Gilfach Renewable Energy Limited
Unaudited accounts
for the year ended 30 June 2024
Gilfach Renewable Energy Limited
Unaudited accounts
Contents
Gilfach Renewable Energy Limited
Company Information
for the year ended 30 June 2024
Directors
Zorica Malesevic
Mohammed Raza Ali
Company Number
07638055 (England and Wales)
Registered Office
338 Euston Road
London
NW1 3BG
England
Gilfach Renewable Energy Limited
Statement of financial position
as at 30 June 2024
Tangible assets
705,683
775,202
Cash at bank and in hand
190,621
98,104
Creditors: amounts falling due within one year
(157,312)
(22,778)
Net current assets
302,821
214,782
Total assets less current liabilities
1,008,504
989,984
Provisions for liabilities
Deferred tax
(130,795)
(105,001)
Net assets
877,709
884,983
Called up share capital
100
100
Share premium
838,567
838,567
Profit and loss account
39,042
46,316
Shareholders' funds
877,709
884,983
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by
Zorica Malesevic
Director
Company Registration No. 07638055
Gilfach Renewable Energy Limited
Notes to the Accounts
for the year ended 30 June 2024
Gilfach Renewable Energy Limited is a private company, limited by shares, registered in England and Wales, registration number 07638055. The registered office is 338 Euston Road, London, NW1 3BG, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared on a going concern basis as the Directors believe there will be sufficient cash to continue operations for the foreseeable future.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the generation of electricity. Turnover from the generation of electricity is recognised when the electricity generated has been exported to the grid.
Tangible assets comprise directly attributable costs in acquiring assets including finance costs and professional fees where appropriate.
Individual fixed assets costing more than £1,000 are capitalised at cost.
Depreciation has been provided on a systematic basis in order to write off plant and machinery over the estimated useful economic life of 20 years. The directors will also consider whether assets should be subject to an impairment review.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised as transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Gilfach Renewable Energy Limited
Notes to the Accounts
for the year ended 30 June 2024
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities, other future taxable profits or by way of group relief.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Expenses are recognised in the Income Statement on an accruals basis in the period in which they are incurred.
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Tangible fixed assets
Plant & machinery
Charge for the year
69,519
Amounts falling due within one year
Trade debtors
74,532
57,363
Amounts due from group undertakings etc.
184,557
73,961
Accrued income and prepayments
10,423
8,132
Gilfach Renewable Energy Limited
Notes to the Accounts
for the year ended 30 June 2024
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Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
44,056
7,316
Taxes and social security
98,996
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Transactions with related parties
The Company lent to Wind Renewables Income Holdco Ltd in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2024 is £184,557 (2023: £73,961).
The Company borrowed from Cornish Wind Ltd in order to provide funding for working capital, on an interest free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2024 is £3,700 (2023: £3,700).
The Company borrowed from Little Sutton Energy Company Ltd in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2024 is £37,000 (2023: £Nil).
The Company borrowed from Wind Renewables Income Fund in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2024 is £207 (2023: £224).
Amounts owed to group undertakings and other participating interests include intercompany management fees owed to Wind Renewables Income Fund. The management fees for the period total £13,273 (2023: £14,264) with an amount remaining payable at the year end of £ 3,149 (2023: £3,392).
No adjustment has been made to reflect the value of any interest free loans at present value as, in the opinion of the Directors, this would not have any material affect on the financial statements.
The controlling party is Wind Renewables Income Holdco Limited.
The ultimate controlling party of the Company is Wind Renewables Income Fund.
The directors do not have an interest in the share capital of the Company.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).