Registration number: 09747265

nED Wind Developments Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

nED Wind Developments Limited

(Registration number: 09747265)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	2,636,116	2,876,523
Current assets
Debtors	5	461,855	434,174
Cash at bank and in hand		21,764	99,966
		483,619	534,140
Creditors: Amounts falling due within one year	6	(450,275)	(475,079)
Net current assets		33,344	59,061
Total assets less current liabilities		2,669,460	2,935,584
Creditors: Amounts falling due after more than one year	6	(1,107,794)	(1,213,385)
Provisions for liabilities		(72,000)	(72,000)
Net assets		1,489,666	1,650,199
Capital and reserves
Called up share capital		1,950,000	1,950,000
Retained earnings		(460,334)	(299,801)
Shareholders' funds		1,489,666	1,650,199

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Ms M Fernandez Castro Director

Mr P M Fernandez Castro Director

nED Wind Developments Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
UK

These financial statements were authorised for issue by the Board on 30 September 2025.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

The Company has taken advantage of the exemption from disclosing transactions with other wholly owned members of the group.

Name of parent of group

These financial statements are consolidated in the financial statements of Norvento Enerxía S.L.

The financial statements of Norvento Enerxía S.L may be obtained from Edif. CIne – Rúa Ramón Mª Aller Ulloa 23, Pol. As Gándaras, 27003 Lugo, Spain.

Going concern

The directors have reviewed the estimated cash flows for the next twelve months which indicate that the company will be able carry on trading and pay its debts as they fall due. The directors have received confirmation from the group that they will continue to provide financial support for the foreseeable future, as and when necessary, and accordingly have prepared the accounts on a going concern basis.

nED Wind Developments Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 September 2025 was Robert Cadwallader, who signed for and on behalf of ML Audit LLP.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors conduct annual impairment reviews of the carrying values of wind turbines held by the company based on the expected future cashflows from each site, discounted to net present value by the weighted average cost of capital. The future cashflows are subject to estimation uncertainty as they rely on predictions of future wind speeds and energy prices. The directors use recognised methods in the industry in order to make reasonable predictions of future wind speeds. Forecasts of future energy prices are based on current contracted rates increased by an inflationary amount. The carrying amount is £2,636,116 (2023 -£2,876,523).

The directors consider the reported value of the deferred tax asset at the end of each financial year. This includes estimating the future profitability of the company as brought forward tax losses unwind. The carrying amount is £319,431 (2023 -£319,431).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the generation of electricity in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

nED Wind Developments Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is 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 assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% Straight line

Debtors

Trade debtors are amounts due from customers for electricity generated or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

nED Wind Developments Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Equity instruments issued in exchange for the extinguishment of a liability are measured at the carrying value of the liability which is extinguished.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	5,022,541	5,022,541
At 31 December 2024	5,022,541	5,022,541
Depreciation
At 1 January 2024	2,146,018	2,146,018
Charge for the year	240,407	240,407
At 31 December 2024	2,386,425	2,386,425
Carrying amount
At 31 December 2024	2,636,116	2,636,116
At 31 December 2023	2,876,523	2,876,523

nED Wind Developments Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Debtors

	Note	2024 £	2023 £
Trade debtors		6,111	6,717
Other debtors		1,052	-
Prepayments		135,261	108,026
Deferred tax assets		319,431	319,431
		461,855	434,174

Details of non-current trade and other debtors

£319,431 (2023 -£319,431) of the deferred tax asset is classified as non current.

6

Creditors

Due within one year	Note	2024 £	2023 £
Trade creditors		4,944	1,364
Amounts due to related parties		412,836	424,861
Social security and other taxes		-	1,938
Accruals		32,495	46,916
		450,275	475,079
Due after one year
Amounts due to related parties	7	1,107,794	1,213,385