Registered number: SC527643 | ||||||||
FOR THE YEAR ENDED 31/12/2024 | ||||||||
NKS Renewable Energy Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/12/2024 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Renfrewshire | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in SC - Scotland, registered number SC527643 | ||||||||
BANKERS | ||||||||
Clydesdale Bank | ||||||||
NKS Renewable Energy Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31/12/2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
NKS Renewable Energy Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Debtors | 4 | |||||||||
116,569 | 121,217 | |||||||||
CREDITORS: Amounts falling due within one year | 5 | |||||||||
NET CURRENT LIABILITIES | ( | (98,106) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 6 | 2,018,199 | 2,222,540 | |||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 7 | |||||||||
Revaluation reserve | 1d,8 | 2,241,222 | 2,433,972 | |||||||
Profit and loss account | (14,584) | (142,996) | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
NKS Renewable Energy Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/12/2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting FRS 1021 a | ||||||||
The accounts have been prepared under the historical cost convention. subject to the revaluation of assets where the director is of the opinion that it is prudent to do so. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
1b. Change In Accounting Policy | ||||||||
In preparing the financial statements for the current year, the company has adopted the following Financial Reporting Standards: | ||||||||
-Financial Reporting Standard for Smaller Entities (effectiveJanuary 2015). | ||||||||
The adoption of new accounting standards has not resulted in any adjustments to the results of the company in either this year or the previous year. |
1c. Depreciation | ||||||||
Plant And Machinery | straight line5% |
1d. Revaluation Reserve | ||||||||
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 8). | ||||||||
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account. |
2. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 1 | |||||
NKS Renewable Energy Ltd | ||||||||
3. TANGIBLE FIXED ASSETS | ||||||
Land And | Plant and | |||||
Buildings | Machinery | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 01/01/2024 | 811,821 | 4,380,487 | 5,192,308 | |||
At 31/12/2024 | 811,821 | 4,380,487 | 5,192,308 | |||
Depreciation & Amortisation | ||||||
At 01/01/2024 | - | 584,065 | 584,065 | |||
Amortisation of Revaluation Reserve | - | 192,750 | 192,750 | |||
Depreciation in the year | - | 99,282 | 99,282 | |||
At 31/12/2024 | - | 876,097 | 876,097 | |||
Net Book Amounts | ||||||
At 31/12/2024 | 4,316,211 | |||||
At 31/12/2023 | 4,608,243 | |||||
4. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Prepayments | 22,728 | 22,477 | ||||||
Accrued income | 73,841 | 78,740 | ||||||
96,569 | 101,217 | |||||||
Amounts falling due over more than one year | ||||||||
Decommissioning Bond | 20,000 | 20,000 | ||||||
20,000 | 20,000 | |||||||
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
VAT | 20,747 | 4,300 | ||||||
Bank loans and overdrafts | 30,133 | 64,186 | ||||||
Term Loans inst < 1 year | 133,927 | 128,313 | ||||||
Trade creditors | 1,036 | 16,779 | ||||||
Accruals | 2,000 | 5,745 | ||||||
187,843 | 219,323 | |||||||
NKS Renewable Energy Ltd | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Term Loans >1yr | 1,816,196 | 1,950,124 | ||||||
Related Party Loans | 202,003 | 272,416 | ||||||
2,018,199 | 2,222,540 | |||||||
7. SHARE CAPITAL | 2024 | 2023 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 100 | |||||||
100 | 100 | |||||||
8. REVALUATION RESERVE | 2024 | 2023 | ||||||
£ | £ | |||||||
Revaluation reserve | 2,241,222 | 2,433,972 | ||||||
2,241,222 | 2,433,972 | |||||||
9. SECURITY | ||||||||
The term loan is secured by a charge over all the assets contained within the heritable property at Nether Kypeside Farm Lesmahagow ML11 0JL. The security agents are Clydesdale Bank plc | ||||||||
10. PURCHASE OF LAND | ||||||||
The company purchased the land on which the turbine is situated thereby enabling it to terminate the lease. The land and buildings are valued at cost, including the stamp duty asssociated with the purchase. | ||||||||
NKS Renewable Energy Ltd | ||||||||
11. FIXED ASSET REVALUATION | ||||||||
The wind turbine site was revalued by the director as at 31 December 2021 on a Net Present Value (NPV) Basis. The discount rate used was 6.5%. The increase in valuation is influenced by both the recent spike in inflation and energy prices. The increased inflation in recent years has a material long term impacton both the feed-in tariff revenues and minimumexport prices, both of which are index-linked to RPI. The valuation has not been altered in the current year. | ||||||||