0 7 April 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 12,742,493 57,943 12,800,436 318,562 637,125 955,687 11,844,749 12,423,931 xbrli:pure xbrli:shares iso4217:GBP 13052079 2024-01-01 2024-12-31 13052079 2024-12-31 13052079 2023-12-31 13052079 2023-01-01 2023-12-31 13052079 2023-12-31 13052079 2022-12-31 13052079 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 13052079 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13052079 bus:Director2 2024-01-01 2024-12-31 13052079 core:WithinOneYear 2024-12-31 13052079 core:WithinOneYear 2023-12-31 13052079 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 13052079 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 13052079 core:AfterOneYear 2024-12-31 13052079 core:AfterOneYear 2023-12-31 13052079 core:ShareCapital 2024-12-31 13052079 core:ShareCapital 2023-12-31 13052079 core:RetainedEarningsAccumulatedLosses 2024-12-31 13052079 core:RetainedEarningsAccumulatedLosses 2023-12-31 13052079 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 13052079 bus:SmallEntities 2024-01-01 2024-12-31 13052079 bus:Audited 2024-01-01 2024-12-31 13052079 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13052079 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13052079 bus:FullAccounts 2024-01-01 2024-12-31 13052079 bus:OrdinaryShareClass1 2024-12-31 13052079 bus:OrdinaryShareClass1 2023-12-31
COMPANY REGISTRATION NUMBER: 13052079
WATSON HEAD WIND FARM LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2024
WATSON HEAD WIND FARM LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Balance sheet 1
Notes to the financial statements 2
WATSON HEAD WIND FARM LIMITED
BALANCE SHEET
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
11,844,749
12,423,931
Current assets
Debtors
5
3,041,801
956,818
Cash at bank and in hand
408,473
133,369
------------
------------
3,450,274
1,090,187
Creditors: amounts falling due within one year
6
186,371
525,496
------------
------------
Net current assets
3,263,903
564,691
-------------
-------------
Total assets less current liabilities
15,108,652
12,988,622
Creditors: amounts falling due after more than one year
7
14,488,484
13,623,888
-------------
-------------
Net assets/(liabilities)
620,168
( 635,266)
-------------
-------------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
620,167
( 635,267)
------------
------------
Shareholders funds/(deficit)
620,168
( 635,266)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 7 April 2025 , and are signed on behalf of the board by:
T B Hansen
Director
Company registration number: 13052079
WATSON HEAD WIND FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Wind Estate A/S has confirmed that it will provide adequate working capital facilities to enable the company to trade and meet its obligations as they fall due over the next twelve months from the date of approval of these financial statements. Consequently, the directors believe it appropriate to prepare these financial statements on a going concern basis. The financial statements do not included any adjustments that would result from a withdrawal of this support.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Assets in the course of construction are not depreciated until the works have been completed. Depreciation is charged from the date that the assets commence in operational use.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Wind turbines
-
5% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Wind turbines
£
Cost
At 1 January 2024
12,742,493
Additions
57,943
-------------
At 31 December 2024
12,800,436
-------------
Depreciation
At 1 January 2024
318,562
Charge for the year
637,125
-------------
At 31 December 2024
955,687
-------------
Carrying amount
At 31 December 2024
11,844,749
-------------
At 31 December 2023
12,423,931
-------------
5. Debtors
2024
2023
£
£
Trade debtors
488,205
333,409
Amounts owed by group undertakings
2,524,976
571,860
Prepayments and accrued income
28,620
11,364
VAT recoverable
40,185
------------
------------
3,041,801
956,818
------------
------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
18,718
303,227
Accruals and deferred income
27,428
165,307
Social security and other taxes
140,225
Other creditors
56,962
------------
------------
186,371
525,496
------------
------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
14,488,484
13,623,888
-------------
-------------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
9. Operating lease commitments
The company has entered into various operating leases as lessee.The amount of rent payable is variable based on the level of income generated from the company's wind turbines located on the sites.
10. Summary audit opinion
The auditor's report dated 7 April 2025 was unqualified , however, the auditor drew attention to the following by way of emphasis.
In forming our opinion we have considered the adequacy of the disclosure made in note 3 of the financial statements regarding the going concern status of the company. The company is dependent on ongoing working capital support from Wind Estate A/S to be able to meet its obligations as they fall due. The financial statements have been prepared on a going concern basis due to the company having secured on-going Wind Estate A/S supported funding sufficient to enable the company to trade for the foreseeable future. In view of the significance of this matter we consider that it should be drawn to your attention but our opinion is not qualified in this respect.
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
11. Related party transactions
Included in debtors is a loan of £2,524,976 (2023: £571,860) owed by Wind Estate (UK) Limited, another group company. This is unsecured, repayable on demand and currently interest-free. Included in creditors is a loan of £14,488,484 (2023: £13,623,888) owed to Wind Estate A/S, another group company. This is secured by a charge over the company's assets. The loan is repayable on deferred terms and currently incurs interest at a market rate. The company is a wholly owned subsidiary of Wind Estate (UK) Limited .
12. Controlling party
The parent company of the Wind Estate group of companies is Nord Renewables ApS, a company registered in Denmark. There is no one controlling party of the parent company.