Company registration number 10276420 (England and Wales)
WIND 2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WIND 2 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WIND 2 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
32,379
41,265
Investments
5
300
300
32,679
41,565
Current assets
Stocks
1,253,709
607,863
Debtors
6
5,348,642
3,453,941
Cash at bank and in hand
3,863,312
6,705,539
10,465,663
10,767,343
Creditors: amounts falling due within one year
7
(331,152)
(260,408)
Net current assets
10,134,511
10,506,935
Total assets less current liabilities
10,167,190
10,548,500
Creditors: amounts falling due after more than one year
8
(13,096)
(24,112)
Provisions for liabilities
(10,316)
Net assets
10,154,094
10,514,072
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10,153,994
10,513,972
Total equity
10,154,094
10,514,072
WIND 2 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mrs Paula Marian Jewson
Director
Company registration number 10276420 (England and Wales)
WIND 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Wind 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Linden House, Unit 4 Mold Business Park, Wrexham Road, Mold, Flintshire, CH7 1XP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
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 equipment
3.75 years on cost
IT equipment
33% on cost
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
WIND 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Work in progress includes all directly attributable costs incurred on the development of wind farm sites which are expected to secure project land rights. This is valued at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Taxation
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.
1.9
Foreign exchange
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.
WIND 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
32
25
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
82,561
Additions
18,128
At 31 March 2024
100,689
Depreciation and impairment
At 1 April 2023
41,296
Depreciation charged in the year
27,014
At 31 March 2024
68,310
Carrying amount
At 31 March 2024
32,379
At 31 March 2023
41,265
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
300
300
WIND 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 6 -
South Kilbraur Wind Farm Limited
Registered office: Wind 2 Office, 2 Walker Street, Edinburgh, EH3 7LB
Nature of business: Wind farm development
Class of shares: Ordinary
Holding: 50.00%
Wind20 Limited
Registered office: Linden House, Mold Business Park, Wrexham Road, Mold CH7 1XP
Nature of business: Wind farm development
Class of shares: Ordinary
Holding: 100.00%
Solar 2 Limited
Registered office: Linden House, Mold Business Park, Wrexham Road, Mold CH7 1XP
Nature of business: Solar energy development
Class of shares: Ordinary
Holding: 100.00%
Subsidiary of Solar 2 Limited
Berryhill Solar Farm Limited
Registered office: Wind 2 Office, 2 Walker Street, Edinburgh, EH3 7LB
Nature of business: Solar energy development
Class of shares: Ordinary
Holding: 100.00%
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
175,211
145,346
Other debtors
5,065,353
3,308,595
5,240,564
3,453,941
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
108,078
Total debtors
5,348,642
3,453,941
WIND 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,019
9,911
Trade creditors
182,167
137,587
Taxation and social security
100,453
85,920
Other creditors
37,513
26,990
331,152
260,408
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,096
24,112
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
126,903
121,340
WIND 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year the company advanced £641,819 (2023 - £86,505) to entities under common control. During the year, £nil (2023 - £31,373) was repaid to the company and as at 31 March 2024 a balance of £1,007,388 was outstanding (2023 - £365,569) and is included within other debtors.
At 31 March 2024 a balance of £683,462 was due to an entity in which the company had a participating interest (2023 - £683,462) and is included within other debtors.
During the year the company sold services to companies under common control amounting to £41,234 (2023 - £26,213). At 31 March 2024 a balance of £1,490 (2023 - £997) was outstanding and included within trade debtors.
During the year the company sold services to entities in which the shareholders of Wind 2 Limited hold a non-controlling interest amounting to £1,002,026 (2023 - £746,955). At 31 March 2024 a balance of £171,201 (2023 - £137,409) was outstanding and included within trade debtors.
During the year the company acquired services from companies under common control amounting to £246,520 (2023 - £239,577). At 31 March 2024 a balance of £34,904 (2023 - £83,334) was outstanding and included within trade creditors.