Company Registration No. SC443801 (Scotland)
Whiterock Energy (Arran) Limited
Unaudited accounts
for the year ended 30 June 2024
Whiterock Energy (Arran) Limited
Unaudited accounts
Contents
Whiterock Energy (Arran) Limited
Company Information
for the year ended 30 June 2024
Directors
Zorica Malesevic
Mohammed Raza Ali
Company Number
SC443801 (Scotland)
Registered Office
272 Bath Street
Glasgow
G2 4JR
Scotland
Whiterock Energy (Arran) Limited
Statement of financial position
as at 30 June 2024
Tangible assets
3,226,150
3,370,750
Cash at bank and in hand
69,456
121,972
Creditors: amounts falling due within one year
(51,384)
(70,629)
Net current assets
1,201,614
1,036,034
Total assets less current liabilities
4,427,764
4,406,784
Provisions for liabilities
Deferred tax
(305,629)
(246,254)
Other provisions
(30,000)
(30,000)
Net assets
4,092,135
4,130,530
Called up share capital
200,100
200,100
Share premium
3,393,245
3,393,245
Profit and loss account
498,790
537,185
Shareholders' funds
4,092,135
4,130,530
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 17 March 2025 and were signed on its behalf by
Mohammed Raza Ali
Director
Company Registration No. SC443801
Whiterock Energy (Arran) Limited
Notes to the Accounts
for the year ended 30 June 2024
Whiterock Energy (Arran) Limited is a private company, limited by shares, registered in Scotland, registration number SC443801. 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.
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 represents amounts receivable for electricity production net of VAT. It includes all amounts receivable for electricity produced and exported in the year.
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 machinery - 5% straight line
Land & buildings (freehold) - nil.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
Whiterock Energy (Arran) Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value , the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Whiterock Energy (Arran) Limited
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 July 2023
1,680,000
2,892,005
4,572,005
At 30 June 2024
1,680,000
2,892,005
4,572,005
At 1 July 2023
-
1,201,255
1,201,255
Charge for the year
-
144,600
144,600
At 30 June 2024
-
1,345,855
1,345,855
At 30 June 2024
1,680,000
1,546,150
3,226,150
At 30 June 2023
1,680,000
1,690,750
3,370,750
Amounts falling due within one year
Trade debtors
137,106
156,361
Amounts due from group undertakings etc.
1,031,064
821,684
Accrued income and prepayments
15,372
6,646
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
10,453
14,696
7
Provisions for liabilities
£
The Company has raised a provision of £30,000 for the estimated cost of decommissioning the wind farm at the end of its useful life.
Whiterock Energy (Arran) Limited
Notes to the Accounts
for the year ended 30 June 2024
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Transactions with related parties
During the year the Company lent to Ballynahinch Wind 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 £19,000 (2023: £nil).
During the year the Company lent to Baranailt Wind 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 £2,500 (2023: an amount payable of £3,500).
During the year the Company lent to Camlough Wind 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 £18,500 (2023: £nil).
During the year the Company lent to Farmhill Wind 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 £16,000 (2023: £nil).
During the year the Company lent to Mountview Wind 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 £9,000 (2023: £nil).
During the year the Company lent to Rockstown Wind 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 £18,500 (2023: £nil).
During the period the Company lent to WRIF Holdco C 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 £564,343 (2023: £526,593).
During the period 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 £383,221 (2023: £295,091).
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 £43,980 (2023: £46,481) with an amount remaining payable at the period end of £10,453 (2023: £11,196).
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 WRIF Holdco C 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).