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COMPANY REGISTRATION NUMBER: 10116532
WIND ESTATE (UK) LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2024
WIND ESTATE (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Balance sheet 1
Notes to the financial statements 2
WIND ESTATE (UK) LIMITED
BALANCE SHEET
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,495,851
1,063,237
Investments
6
3
3
------------
------------
1,495,854
1,063,240
Current assets
Debtors
7
833,560
575,985
Cash at bank and in hand
226,180
725,072
------------
------------
1,059,740
1,301,057
Creditors: amounts falling due within one year
8
13,526,305
10,805,810
-------------
-------------
Net current liabilities
12,466,565
9,504,753
-------------
------------
Total assets less current liabilities
( 10,970,711)
( 8,441,513)
-------------
------------
Net liabilities
( 10,970,711)
( 8,441,513)
-------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
( 10,970,712)
( 8,441,514)
-------------
------------
Shareholders deficit
( 10,970,711)
( 8,441,513)
-------------
------------
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: 10116532
WIND ESTATE (UK) 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 procure 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. This funding support encompasses security in support of the company's external finance facilities. 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.
Development costs
Development costs are expensed where a permit to build a turbine has not been granted for a specific site at the balance sheet date. Development costs for a calendar year are capitalised when a building permit is granted prior to the balance sheet date and are reported as assets under construction. Prior year costs on the site previously expensed remain so. Associated expenses including legal and professional fees are accounted for on the same basis. This accounting policy is in accordance with that adopted by the parent company and other group undertakings.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Wind turbines
Plant and machinery
Fixtures and fittings
Motor vehicles
Assets under construction
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
1,302,779
232,275
50,476
64,779
1,650,309
Additions
567,259
567,259
------------
------------
------------
------------
------------
------------
At 31 Dec 2024
1,302,779
232,275
50,476
64,779
567,259
2,217,568
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Jan 2024
452,721
85,710
18,281
30,360
587,072
Charge for the year
65,139
46,455
10,095
12,956
134,645
------------
------------
------------
------------
------------
------------
At 31 Dec 2024
517,860
132,165
28,376
43,316
721,717
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Dec 2024
784,919
100,110
22,100
21,463
567,259
1,495,851
------------
------------
------------
------------
------------
------------
At 31 Dec 2023
850,058
146,565
32,195
34,419
1,063,237
------------
------------
------------
------------
------------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
3
------------
Impairment
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 31 December 2024
3
------------
At 31 December 2023
3
------------
The company owns 100% of the issued share capital of Watson Head Wind Farm Limited and Brownhill Wind Farm Limited. These companies are incorporated in the UK and are involved in the provision and operation of energy efficient systems. The company also owns the entire issued share capital of Pearie Law II Wind Farm Limited. The company was dormant in the period to 31 December 2024.
7. Debtors
2024
2023
£
£
Trade debtors
248,982
467,498
Amounts owed by group undertakings
533,906
Prepayments and accrued income
50,672
60,951
VAT recoverable
47,536
------------
------------
833,560
575,985
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdraft
10,651,909
10,027,071
Trade creditors
89,312
164,443
Amounts owed to group undertakings
2,524,976
571,862
Accruals and deferred income
67,507
16,497
Social security and other taxes
186,281
16,248
Other creditors
6,320
9,689
-------------
-------------
13,526,305
10,805,810
-------------
-------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
31,584
30,830
------------
------------
In addition to the above 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.
11. 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 incurred a loss of £2,529,198 during the year and had net current liabilities at 31 December 2024 of £12,466,565. The company is dependent on further 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 .
12. Related party transactions
Wind Estate A/S, an intermediate parent company, has provided security in support of the company's bank facilities. Included in debtors is a loan of £533,906 (2023: £nil) owed by Brownhill Wind Farm Limited, a subsidiary company. This loan is unsecured, repayable on demand and currently interest-free. Included in creditors is a loan of £2,524,976 (2023: £571,862) owed to Watson Head Wind Farm Limited, a subsidiary company. This loan is unsecured, repayable on demand and currently interest-free. The company is a wholly owned subsidiary of Wind Estate (UK) ApS, a company registered in Denmark.
13. 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 .