Silverfin false false 28/11/2024 29/11/2023 28/11/2024 David James Delph 14/09/2022 Hector William Ingram 27/03/2008 Lisa Wyllie Ingram 27/03/2008 Jennifer Alison King 14/09/2022 Allan David Smith 27/03/2008 Andrew William Smith 27/03/2008 David Christie Smith 20/03/2008 Mandy Eccles Smith 20/03/2008 Valerie Kilburn Smith 27/03/2008 Valerie Kilburn Smith 25 May 2025 The principal activity of the Company during the financial year was the operation of a four turbine windfarm.

As part of the funding provisions, the shares are held by Triodos Bank N.V. under a share pledge agreement.
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Company No: SC339933 (Scotland)

SKELMONAE WINDFARM LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

SKELMONAE WINDFARM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 NOVEMBER 2024

Contents

SKELMONAE WINDFARM LIMITED

BALANCE SHEET

AS AT 28 NOVEMBER 2024
SKELMONAE WINDFARM LIMITED

BALANCE SHEET (continued)

AS AT 28 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,868,341 2,042,193
1,868,341 2,042,193
Current assets
Debtors 4 484,632 493,397
Cash at bank and in hand 623,142 511,964
1,107,774 1,005,361
Creditors: amounts falling due within one year 5 ( 278,210) ( 398,369)
Net current assets 829,564 606,992
Total assets less current liabilities 2,697,905 2,649,185
Provision for liabilities 6 ( 424,520) ( 461,626)
Net assets 2,273,385 2,187,559
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 2,272,385 2,186,559
Total shareholders' funds 2,273,385 2,187,559

For the financial year ending 28 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Skelmonae Windfarm Limited (registered number: SC339933) were approved and authorised for issue by the Board of Directors on 25 May 2025. They were signed on its behalf by:

David Christie Smith
Director
SKELMONAE WINDFARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 NOVEMBER 2024
SKELMONAE WINDFARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Skelmonae Windfarm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cloffrickford, Auchnagatt, Ellon, AB41 8YD, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts received for renewable energy generated net of VAT. Turnover is recognised on generation of electricity. Income is recognised on an accruals basis where it is capable of being reliably measured.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Included in plant & machinery is a decommissioning provision of £84,163 (2023 - £84,163) which is not depreciated.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs..

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 29 November 2023 95,000 4,430,453 4,525,453
At 28 November 2024 95,000 4,430,453 4,525,453
Accumulated depreciation
At 29 November 2023 0 2,483,260 2,483,260
Charge for the financial year 0 173,852 173,852
At 28 November 2024 0 2,657,112 2,657,112
Net book value
At 28 November 2024 95,000 1,773,341 1,868,341
At 28 November 2023 95,000 1,947,193 2,042,193

4. Debtors

2024 2023
£ £
Trade debtors 294,439 316,139
Corporation tax 0 30,875
Other debtors 190,193 146,383
484,632 493,397

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 190,787
Trade creditors 11,854 7,917
Corporation tax 199,480 121,037
Other taxation and social security 44,071 36,382
Other creditors 22,805 42,246
278,210 398,369

The bank loans are secured by a bond and floating charge over the assets of the company and included a share pledge in respect of the issued shares of the company. Following the year-end date, the Company was released the share pledge arrangement upon repayment of the loan.

6. Provision for liabilities

2024 2023
£ £
Deferred tax 391,520 428,626
Other provisions 33,000 33,000
424,520 461,626

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 ORDINARY shares of £ 1.00 each 1,000 1,000

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Loan to director 150,000 0

During the current year the company granted a loan to one of its directors. The loan has been repaid in full post year-end. No interest was charged on the loan.

Other related party transactions

The company operates a loan account with Cloffrickford Renewable Energy Limited "Cloffrickford". The directors are also the directors of Cloffrickford. Interest is charged at 4.5%. During the year Cloffrickford paid £4,873 (2023- £8,918) in respect of interest. At the year end, included within the debtors balance is £nil (2023- £2,464) due from Cloffrickford in respect of interest. Cloffrickford repaid £107,110 (2023- £91,619) towards the loan balance in the year. At the year end, included within the other creditors balance is £486 (2023- £nil) due to Cloffrickford in respect of shared expenses. Included in debtors at the year end is £nil (2023 - £105,492).

9. Events after the Balance Sheet date

Subsequent to the year-end the Company has executed a deed of release, releasing the Company from the share pledge arrangement in place with Triodos Bank N.V. (Note 10). The deed of release was executed on 10 December 2024 and, subsequently, the shares are to be transferred to the original shareholders from Triodos Bank N.V.

10. Ultimate controlling party

At the start of the current year, the shares in issue were held by Triodos Bank N.V. under a share pledge arrangement in relation to an outstanding bank loan. The day to day operations of the company remained under the control of the directors, subject to the provisions of the share pledge agreement. During the current year, the Company repaid its outstanding loan in full and, subsequent to the year-end date, has executed a deed of release, releasing the Company from the share pledge arrangement (Note 9).