Company Registration No. 09899169 (England and Wales)
Southgate Wind Ltd
Unaudited accounts
for the year ended 30 June 2024
Southgate Wind Ltd
Unaudited accounts
Contents
Southgate Wind Ltd
Company Information
for the year ended 30 June 2024
Directors
Zorica Malesevic
Mohammed Raza Ali
Company Number
09899169 (England and Wales)
Registered Office
338 Euston Road
London
NW1 3BG
England
Southgate Wind Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
968,646
1,049,582
Cash at bank and in hand
196,313
75,905
Creditors: amounts falling due within one year
(262,302)
(119,919)
Net current assets
726,561
593,379
Total assets less current liabilities
1,695,207
1,642,961
Provisions for liabilities
Deferred tax
(186,129)
(147,487)
Net assets
1,509,078
1,495,474
Called up share capital
100
100
Share premium
1,459,389
1,459,389
Profit and loss account
49,589
35,985
Shareholders' funds
1,509,078
1,495,474
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. 09899169
Southgate Wind Ltd
Notes to the Accounts
for the year ended 30 June 2024
Southgate Wind Ltd is a private company, limited by shares, registered in England and Wales, registration number 09899169. 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, and on land and buildings over the term of the relevant lease for 22 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.
Southgate Wind Ltd
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 July 2023
187,604
1,448,184
1,635,788
At 30 June 2024
187,604
1,448,184
1,635,788
At 1 July 2023
61,821
524,385
586,206
Charge for the year
8,527
72,409
80,936
At 30 June 2024
70,348
596,794
667,142
At 30 June 2024
117,256
851,390
968,646
At 30 June 2023
125,783
923,799
1,049,582
Amounts falling due within one year
Trade debtors
91,662
81,513
Amounts due from group undertakings etc.
562,948
413,689
Accrued income and prepayments
137,940
142,191
Southgate Wind Ltd
Notes to the Accounts
for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
67,093
22,408
Taxes and social security
132,398
61,206
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Transactions with related parties
During the year the Company lent to Wind Renewables Income Fund, a related party, 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 £134,624 (2023: £132,487).
During the year the Company lent to Wind Renewables Income Holdco Ltd, a related party, 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 £428,324 (2023: £281,202).
During the year the Company borrowed from Myreton Renewable Energy Limited, a related party, 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 £63,000 (2023: £18,000).
Amounts owed to group undertakings and other participating interests include intercompany management fees owed to Wind Renewables Income Fund. The management fees for the year total £17,249 (2023: £18,538) with an amount remaining payable at year end of £4,093 (2023: £4,408).
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 Ltd.
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).