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REGISTERED NUMBER: SC396025 (Scotland)












REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INVERCLYDE WINDFARM LIMITED

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Profit and Loss Account 5

Balance Sheet 6

Statement of Changes in Equity 7

Notes to the Financial Statements 8


INVERCLYDE WINDFARM LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: T R Bruce-Jones
S Roberts





REGISTERED OFFICE: Broomage Avenue
Larbert
FK5 4NQ





REGISTERED NUMBER: SC396025 (Scotland)





AUDITORS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

T R Bruce-Jones
S Roberts

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S Roberts - Director


14 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INVERCLYDE WINDFARM LIMITED


Opinion
We have audited the financial statements of Inverclyde Windfarm Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INVERCLYDE WINDFARM LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and the industry, we identified the principle risks of non-compliance with laws and regulations, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries, and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulation, and fraud;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
or with unusual descriptions; and
- Challenging assumptions made by management in their significant accounting estimates, in particular the
recoverability of amounts owed by group undertakings.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with
laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

14 April 2025

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2024

2024 2023
Notes £'000 £'000

TURNOVER - -

Administrative expenses (11 ) (22 )
OPERATING LOSS (11 ) (22 )

Income from shares in group undertakings 833 305
PROFIT BEFORE TAXATION 822 283

Tax on profit 4 140 (204 )
PROFIT FOR THE FINANCIAL YEAR 962 79

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

BALANCE SHEET
31 December 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Investments 5 20 20

CURRENT ASSETS
Debtors 6 23,210 24,079
Cash at bank 1 -
23,211 24,079
CREDITORS
Amounts falling due within one year 7 (21,029 ) (23,271 )
NET CURRENT ASSETS 2,182 808
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,202

828

PROVISIONS FOR LIABILITIES 8 (1,144 ) (732 )
NET ASSETS 1,058 96

CAPITAL AND RESERVES
Called up share capital 9 - -
Retained earnings 1,058 96
SHAREHOLDERS' FUNDS 1,058 96

The financial statements have been prepared 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 14 April 2025 and were signed on its behalf by:





S Roberts - Director


INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2023 - 1,179 1,179

Changes in equity
Dividends - (1,162 ) (1,162 )
Total comprehensive income - 79 79
Balance at 31 December 2023 - 96 96

Changes in equity
Total comprehensive income - 962 962
Balance at 31 December 2024 - 1,058 1,058

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024


1. STATUTORY INFORMATION

Inverclyde Windfarm Limited is a limited company, registered in Scotland. Its registered office address is Broomage Avenue, Larbert, FK5 4NQ and the registered number is SC396025.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are denominated in Sterling (£) as this is the functional currency of the company. All amounts in the financial statements have been rounded to the nearest £1,000.

Preparation of consolidated financial statements
The financial statements contain information about Inverclyde Windfarm Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, James Jones & Sons Limited, Broomage Avenue, Larbert, FK5 4NQ.

Related party exemption
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.

Income from subsidiary undertakings
Income from subsidiary undertakings is comprised of profit shares that the Company is entitled to from the investment held in the LLP.

Investments in subsidiaries
Investment in the subsidiary partnership is held at cost less accumulated impairment losses.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Company's loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.


INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS

There are no employees, except from Directors, in the Company in the current year or in the prior year and therefore no employee costs.

4. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
Group relief income (552 ) (530 )

Deferred tax 412 734
Tax on profit (140 ) 204

UK corporation tax has been charged at 25% .

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


4. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£'000 £'000
Profit before tax 822 283
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

206

67

Effects of:
Expenses not deductible for tax purposes 9 7
Surrender of tax losses in current year 138 387
Adjustments in respect of prior years - 188
Allocation of LLP profits 59 53
Difference in tax rates - 32
Group relief income (552 ) (530 )
Total tax (credit)/charge (140 ) 204

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£'000
COST
At 1 January 2024
and 31 December 2024 20
NET BOOK VALUE
At 31 December 2024 20
At 31 December 2023 20

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Amounts owed by group undertakings 23,210 24,079

At the balance sheet date, the company had a loan due from Inverclyde Renewables LLP of £23,210,000 (2023: £24,079,000). This loan bears no interest and is repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Amounts owed to group undertakings 21,019 23,263
Other creditors 10 8
21,029 23,271

At the balance sheet date, the company owed James Jones & Sons Limited £21,019,000 (2023: £23,263,000) and is repayable on demand.

INVERCLYDE WINDFARM LIMITED (REGISTERED NUMBER: SC396025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


8. PROVISIONS FOR LIABILITIES
2024 2023
£'000 £'000
Deferred tax
Accelerated capital allowances 1,547 1,135
Tax losses carried forward (403 ) (403 )
1,144 732

Deferred
tax
£'000
Balance at 1 January 2024 732
Tax losses
Accelerated capital allowances 412
Balance at 31 December 2024 1,144

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,642 A Ordinary £0.01 86 86
1,358 B Ordinary £0.01 14 14
100 100

10. ULTIMATE PARENT COMPANY

James Jones & Sons Limited is the immediate and ultimate parent company during the current and previous year.

Group financial statements are available from James Jones & Sons Limited whose registered office is Broomage Avenue, Larbert, FK5 4NQ.

ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party, as no one person has a significant shareholding in the ultimate parent company.