Company Registration No. SC275624 (Scotland)
Flotta Wind Power Ltd
Unaudited accounts
for the year ended 30 June 2024
Flotta Wind Power Ltd
Unaudited accounts
Contents
Flotta Wind Power Ltd
Company Information
for the year ended 30 June 2024
Directors
Zorica Malesevic
Mohammed Raza Ali
Company Number
SC275624 (Scotland)
Registered Office
272 Bath Street
Glasgow
G2 4JR
Scotland
Flotta Wind Power Ltd
Statement of financial position
as at 30 June 2024
Tangible assets
659,635
822,420
Debtors
3,713,832
3,641,399
Cash at bank and in hand
368,225
94,021
Creditors: amounts falling due within one year
(449,958)
(148,706)
Net current assets
3,632,099
3,586,714
Total assets less current liabilities
4,291,734
4,409,134
Provisions for liabilities
Deferred tax
(131,822)
(126,166)
Other provisions
(30,000)
(30,000)
Net assets
4,129,912
4,252,968
Called up share capital
1
1
Profit and loss account
4,125,621
4,248,677
Shareholders' funds
4,129,912
4,252,968
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. SC275624
Flotta Wind Power Ltd
Notes to the Accounts
for the year ended 30 June 2024
Flotta Wind Power Ltd is a private company, limited by shares, registered in Scotland, registration number SC275624. 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 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 are initially measured at cost and subsequently measured at cost, 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:
Leasehold improvements - straight line over lease term
Plant and machinery - 5.56% straight line basis (wind turbines) / 20% straight line basis (other plant)
Computer equipment - 25% straight line basis
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.
Flotta Wind Power 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.
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 the 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.
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 Statement of Comprehensive Income on an accruals basis in the period in which they are incurred.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 July 2023
4,480
2,927,124
2,931,604
At 30 June 2024
4,480
2,927,124
2,931,604
At 1 July 2023
3,608
2,105,576
2,109,184
Charge for the year
115
162,670
162,785
At 30 June 2024
3,723
2,268,246
2,271,969
At 30 June 2024
757
658,878
659,635
At 30 June 2023
872
821,548
822,420
Flotta Wind Power Ltd
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
Trade debtors
130,211
111,793
Amounts due from group undertakings etc.
3,327,789
3,293,761
Accrued income and prepayments
14,528
-
Other debtors
241,304
235,845
6
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
20,474
12,290
Taxes and social security
302,417
-
7
Transactions with related parties
The Company lent to Blackawall Developments 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 £14,000 (2023: £nil).
The Company lent to Rennibister Wind Power 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 £91,000 (2023: £100,000).
The Company lent to WRIF Holdco C 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 £314,764 (2023: £314,764).
The Company lent to WRIF Holdco C 2 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 £2,854,112 (2023: £2,834,112).
The Company lent to 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 £53,913 (2023: £44,885).
The Company borrowed from Hatston Wind Power Ltd, 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).
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 £48,278 (2023: £63,490) with a total remaining payable at the year end of £11,474 (2023: £12,290).
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 2 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.
Flotta Wind Power Ltd
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).