| MPG Wind Ltd |
| Registered number: |
NI615853 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
563,852 |
|
|
559,609 |
| Investment property |
4 |
|
|
616,842 |
|
|
617,150 |
| Investments |
5 |
|
|
444,409 |
|
|
419,100 |
|
|
|
|
1,625,103 |
|
|
1,595,859 |
|
| Current assets |
| Stocks |
|
|
5,564 |
|
|
898,604 |
| Debtors |
6 |
|
4,172,899 |
|
|
3,528,098 |
| Cash at bank and in hand |
|
|
249,546 |
|
|
50,459 |
|
|
|
4,428,009 |
|
|
4,477,161 |
|
| Creditors: amounts falling due within one year |
7 |
|
(2,525,053) |
|
|
(2,321,598) |
|
| Net current assets |
|
|
|
1,902,956 |
|
|
2,155,563 |
|
| Total assets less current liabilities |
|
|
|
3,528,059 |
|
|
3,751,422 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(591,370) |
|
|
(761,605) |
|
| Provisions for liabilities |
10 |
|
|
(75,256) |
|
|
(87,293) |
|
|
| Net assets |
|
|
|
2,861,433 |
|
|
2,902,524 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up, issued and fully paid share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
2,861,431 |
|
|
2,902,522 |
|
| Shareholders' funds |
13 |
|
|
2,861,433 |
|
|
2,902,524 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. |
| The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006. |
|
| The notes on pages 6 to 10 form an integral part of the accounts. |
|
|
|
| Adrian Martin |
Eamonn Martin |
| Director |
Director |
| Approved by the board on 29 September 2025 |
Approved by the board on 29 September 2025 |
|
| MPG Wind Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
The financial statements are presented in UK Sterling pounds (£) |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover includes revenue earned from the generation of electricity and trading of Renewable Obligation Certificates (ROC's). Accrued income is recognised in reference to the date of electricity generation. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. |
|
|
Land and buildings |
- |
5% straight line |
|
Wind turbines |
- |
5% straight line |
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures, fittings, tools and equipment |
- |
20% reducing balance |
|
|
Investment property |
|
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Financial instruments |
|
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
9 |
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Wind turbines |
|
Plant and machinery etc |
|
Equipment, Fixtures & Fittings |
|
Total |
| £ |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2024 |
166,553 |
|
370,392 |
|
211,336 |
|
49,449 |
|
797,730 |
|
Additions |
- |
|
- |
|
61,643 |
|
- |
|
61,643 |
|
At 31 December 2024 |
166,553 |
|
370,392 |
|
272,979 |
|
49,449 |
|
859,373 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
- |
|
82,328 |
|
130,023 |
|
25,770 |
|
238,121 |
|
Charge for the year |
5,552 |
|
18,520 |
|
28,592 |
|
4,736 |
|
57,400 |
|
At 31 December 2024 |
5,552 |
|
100,848 |
|
158,615 |
|
30,506 |
|
265,015 |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
161,001 |
|
269,544 |
|
114,364 |
|
18,943 |
|
563,852 |
|
At 31 December 2023 |
166,553 |
|
288,064 |
|
81,313 |
|
23,679 |
|
559,609 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Investment property |
2024 |
|
2023 |
| £ |
£ |
|
|
Cost |
|
At 1 January 2024 |
617,150 |
|
- |
|
Additions |
(308) |
|
617,150 |
|
At 31 December 2024 |
616,842 |
|
617,150 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment property is valued at acquisition cost. The land was bought in 2023 and the cost is deemed to represent fair value. |
|
|
| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2024 |
419,100 |
|
Additions |
25,309 |
|
At 31 December 2024 |
444,409 |
|
|
|
|
|
|
|
|
|
|
|
|
MPG Wind Ltd owns 90% of the share capital in MPG Shinny Rd (previously North Power Croaghan) Ltd, a company registered in Northern Ireland. |
|
|
| 6 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
46,257 |
|
140,595 |
|
Other debtors |
|
|
|
|
|
|
4,126,642 |
|
3,387,503 |
|
|
|
|
|
|
|
|
4,172,899 |
|
3,528,098 |
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans and overdrafts |
271,725 |
|
266,398 |
|
Obligations under finance lease and hire purchase contracts |
16,802 |
|
15,723 |
|
Trade creditors |
41,746 |
|
205,034 |
|
Taxes and social security costs |
46,611 |
|
35,090 |
|
Other creditors |
2,148,169 |
|
1,799,353 |
|
|
|
|
|
|
|
|
2,525,053 |
|
2,321,598 |
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans |
529,040 |
|
733,853 |
|
Obligations under finance lease and hire purchase contracts |
62,330 |
|
27,752 |
|
|
|
|
|
|
|
|
591,370 |
|
761,605 |
|
|
|
|
|
|
|
|
|
|
|
|
| 9 |
Loans |
2024 |
|
2023 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
729,128 |
|
863,464 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset held as Security by Bank of Ireland:
Debenture over the assets and undertakings of the company, supported by
First Legal Mortgage/Charge over the property at Camlough Road, Carrickmore, Omagh, Co. Tyrone. (Land Cert Folio 25731 Co Tyrone and Folio 25845)
Personal guarantee signed by Adrian Martin and Eamonn Martin and MPG Energy Ltd.
Additional Security over the Lands at Colinglen Road, Hannahstown, comprised within AN254011 County Antrim is also held. |
|
|
| 10 |
Provision for liabilities |
|
|
Deferred Taxation |
| £ |
|
|
At 1 January 2024 |
87,293 |
|
Charged to the profit and loss |
(12,037) |
|
At 31 December 2024 |
75,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows: |
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
Accelerated capital allowances |
12,037 |
|
(26,758) |
|
|
|
|
|
|
|
|
12,037 |
|
(26,758) |
|
|
|
|
|
|
|
|
|
|
|
|
| 11 |
Director's advances, credits and guarantees |
|
|
During the year the directors advanced £65,000 and the company repaid £84,029 leaving a balance owed to the directors at the year end of £13,537.
The balances are interest free and repayable on demand. |
|
| 12 |
Related party transactions |
|
|
At the balance sheet date the company had the following balance with members of its group: |
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
MPG Shinny Rd Ltd |
(107,505) |
|
(73,787) |
|
|
|
|
|
|
|
|
|
|
|
|
At the balance sheet date the company had the following balances with related parties: |
|
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
AEM Wind Holdings Limited |
|
|
|
|
|
|
759,475 |
|
912,810 |
|
Derrynanny Wind Ltd |
|
|
|
|
|
|
60,969 |
|
214,082 |
|
Hannahstown BESS Ltd |
|
|
|
|
|
|
523,701 |
|
499,701 |
|
Lurganboy Wind Limited |
|
|
|
|
|
|
853,876 |
|
1,026,115 |
|
RF Wind Ltd |
|
|
|
|
|
|
228,028 |
|
300,028 |
|
Shantavny Solar Ltd |
|
|
|
|
|
|
1,314 |
|
26 |
|
FM Wind Ltd |
|
|
|
|
|
|
786 |
|
13 |
|
Castlegore Wind Farm Ltd |
|
|
|
|
|
|
50,220 |
|
- |
|
MPG Castlegore Ltd |
|
|
|
|
|
|
885,000 |
|
- |
|
MPG Wind Services Ltd |
|
|
|
|
|
|
98,236 |
|
(164,070) |
|
Highland Wind Energy Limited |
|
|
|
|
|
|
(608,042) |
|
(96,925) |
|
Edenbane Wind Ltd |
|
|
|
|
|
|
(185,697) |
|
(9,697) |
|
MPG Energy Ltd |
|
|
|
|
|
|
(220,801) |
|
(180,403) |
|
Redwind Energy Limited |
|
|
|
|
|
|
(982,363) |
|
(982,363) |
|
|
|
|
|
|
|
|
1,464,702 |
|
1,519,317 |
|
|
|
|
|
|
|
|
|
|
|
|
Messrs Eamonn and Adrian Martin are directors and persons with significant control in the above companies.
At the balance sheet date the above balances have been reflected in the debtors and creditors respectively.
The balances are interest free and repayable on demand. |
|
| 13 |
Statement of changes in equity |
|
|
Shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments. |
|
| 14 |
Other information |
|
|
MPG Wind Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
|
141 Camlough Road |
|
Carrickmore |
|
Co. Tyrone |
|
BT79 9BS |