Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 2,695,932 | 2,934,918 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 2,237,827 | 2,361,372 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 510,570 | 1,395,882 | ||
| Total assets less current liabilities | 3,206,502 | 4,330,800 | ||
| Creditors: amounts falling due after more than one year | 6 |
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| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 10 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Milwind Limited (registered number:
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Dianne Elizabeth Wiseman
Director |
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.
Milwind 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 Easter Cushnie, Gamrie, Banff, AB45 3HT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.
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.
| Plant and machinery etc. |
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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.
Rentals payable under operating leases, including any lease incentives received, are charge to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
At each reporting period end date, the company reviews the carrying amounts of 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 company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Income and Retained Earnings immediately.
The Company does not apply hedge accounting.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
The cost of decommissioning the wind turbines at the end of their useful economic life has been recognised in the accounts as a component of the wind turbine asset and associated provision.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Accumulated depreciation | |||
| At 01 April 2024 |
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| Charge for the financial year |
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| At 31 March 2025 |
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| Net book value | |||
| At 31 March 2025 | 2,695,932 | 2,695,932 | |
| At 31 March 2024 | 2,934,918 | 2,934,918 |
| 2025 | 2024 | ||
| £ | £ | ||
| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
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| Other provisions |
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Other provisions relate to a decommissioning provision in respect of a provision for the decommissioning of the two wind turbines at the end of their useful economic lives.
The carrying values of the Company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:
| 2025 | 2024 | ||
| £ | £ | ||
| Financial assets at fair value | |||
| Derivative financial assets due within one year (note 9) |
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| Due within one year | Due after one year | ||||||
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| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Financial assets included at fair value (included in debtors) | |||||||
| Swap contract |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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| Total future minimum lease payments under non-cancellable operating leases |
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Operating lease payments represent rentals payable by the company for the land on which the turbines are situated. Rent is payable for the period from the date of commissioning to the earlier of; the decommissioning date and; the day before the date of expiry of the planning permission.
Where applicable, from the date of expiry of the planning permission until the decommissioning date rent of £1,000 per annum, index linked, for each and every wind turbine generator constructed is payable.
The planning permission granted shall endure for a period of 25 years from commencement of the development of the wind turbines.
Amounts due in over 5 years is unknown and will be payable to the earlier of: the decommissioning date and: the day before the date of expiry of the planning permission.
Other financial commitments
| 2025 | 2024 | ||
| £ | £ | ||
| Commitments in respect of parents and subsidiaries |
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The company is party to a cross guarantee with Greenhill Renewables Limited. Greenhill Renewables Limited is a wholly owned subsidiary of the holding company Furlin Ltd.
The interest rate swap arrangement was terminated early on 15 September 2025 and £31,500.00 was received. This does not adjust the amount in the financial statements as this was terminated post year end.