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Company Registration No. SC344891 (Scotland)
Myreton Renewable Energy Limited Unaudited accounts for the year ended 30 June 2024
Myreton Renewable Energy Limited Unaudited accounts Contents
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Myreton Renewable Energy Limited Company Information for the year ended 30 June 2024
Directors
Zorica Malesevic Mohammed Raza Ali
Company Number
SC344891 (Scotland)
Registered Office
272 Bath Street Glasgow G2 4JR Scotland
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Myreton Renewable Energy Limited Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
834,650 
934,736 
Current assets
Debtors
1,822,833 
1,690,277 
Cash at bank and in hand
507,217 
231,515 
2,330,050 
1,921,792 
Creditors: amounts falling due within one year
(1,410,331)
(1,312,964)
Net current assets
919,719 
608,828 
Total assets less current liabilities
1,754,369 
1,543,564 
Provisions for liabilities
Deferred tax
(155,329)
(131,362)
Net assets
1,599,040 
1,412,202 
Capital and reserves
Called up share capital
983,375 
983,375 
Share premium
161,452 
161,452 
Profit and loss account
454,213 
267,375 
Shareholders' funds
1,599,040 
1,412,202 
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. SC344891
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Myreton Renewable Energy Limited Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Myreton Renewable Energy Limited is a private company, limited by shares, registered in Scotland, registration number SC344891. The registered office is 272 Bath Street, Glasgow, G2 4JR, Scotland.
2
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.
3
Accounting policies
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.
Basis of preparation
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.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 fixed assets
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
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.
Debtors
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.
Creditors
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.
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Myreton Renewable Energy Limited Notes to the Accounts for the year ended 30 June 2024
Taxation
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.
Leased assets
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
Expenses are recognised in the Income Statement on an accruals basis in the period in which they are incurred.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 July 2023
1,927,998 
At 30 June 2024
1,927,998 
Depreciation
At 1 July 2023
993,262 
Charge for the year
100,086 
At 30 June 2024
1,093,348 
Net book value
At 30 June 2024
834,650 
At 30 June 2023
934,736 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
72,530 
123,937 
Amounts due from group undertakings etc.
1,731,586 
1,545,389 
Other debtors
18,717 
20,951 
1,822,833 
1,690,277 
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Myreton Renewable Energy Limited Notes to the Accounts for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
46,256 
39,669 
Amounts owed to group undertakings and other participating interests
1,269,125 
1,271,780 
Taxes and social security
93,624 
- 
Other creditors
1,326 
1,515 
1,410,331 
1,312,964 
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Myreton Renewable Energy Limited Notes to the Accounts for the year ended 30 June 2024
7
Transactions with related parties
During the year the company lent to Cornish Wind Ltd, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £30,000 (2023:£ Nil). During the year the Company lent to Southgate Wind Ltd, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £63,000 (2023: £18,000). During the year the Company lent to Wind Renewables Income Holdco Ltd, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £1,393,323 (2023: £1,373,773). During the year the Company lent to Wind Renewables Income Fund, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £194,909 (2023: £103,262). During the year the Company lent to WR (Haregrove) Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £50,354 (2023: £50,354). During the year the Company borrowed from Chickenhawk Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £5,000 (2023: £5,000). During the year the Company borrowed from Lepetomane Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £5,000 (2023: £5,000). During the year the Company borrowed from Moneysallin Wind Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £51 (2023: £51). During the year the Company borrowed from Myreton Windpower Ltd, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 was £1,177,180 (2023: £1,179,610). During the year the Company borrowed from WR (Alfreton) Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £10,000 (2023: £10,000). During the year the Company borrowed from WR (Bennett) Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £33,966 (2023: £33,966). During the year the Company borrowed from WR (Pen y Fan) Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £20,005 (2023: £20,005). During the year the Company borrowed from WR (Techboard) Limited, a related party, in order to provide funding for working capital. The balance outstanding at 30 June 2024 is £15,000 (2023: £15,000). All of the above lendings and borrowings are on an interest-free basis, unsecured and repayable on demand. 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 £12,307 (2023: £13,239) with a balance payable at 30 June 2024 of £2,923 (2023: £3,148). 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.
8
Controlling party
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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Myreton Renewable Energy Limited Notes to the Accounts for the year ended 30 June 2024
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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