Barra and Vatersay Wind Energy Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC382572 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Barra and Vatersay Wind Energy Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

D MacNeil

E A Scott

S J MacLean

P L Brown

SECRETARY:

H L MacKinnon

REGISTERED OFFICE:

Castlebay Hall

Castlebay

Isle of Barra

Western Isles

HS9 5XD

REGISTERED NUMBER:

SC382572 (Scotland)

ACCOUNTANTS:

Campbell Stewart MacLennan & Co

Chartered Accountants

Unit 3, Broom Place

Portree

Highland

IV51 9HL

FIXED ASSETS

Tangible assets

5

898,901

1,010,653

CURRENT ASSETS

Debtors

6

4,680

93,597

Prepayments and accrued income

174,446

194,041

Cash at bank

633,201

642,337

812,327

929,975

CREDITORS

Amounts falling due within one year

7

306,647

385,637

NET CURRENT ASSETS

505,680

544,338

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,404,581

1,554,991

CREDITORS

Amounts falling due after more than one
year

8

(131,526

)

(344,747

)

PROVISIONS FOR LIABILITIES

11

(65,081

)

(80,531

)

NET ASSETS

1,207,974

1,129,713

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

1,207,973

1,129,712

SHAREHOLDERS' FUNDS

1,207,974

1,129,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

E A Scott - Director

1.	STATUTORY INFORMATION

Barra and Vatersay Wind Energy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The financial statements were previously prepared in accordance with UK GAAP applicable prior to the adoption of FRS 102, as issued by the Financial Reporting Council, and referred to below as 'previous UK GAAP'.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover, which is stated net of value added tax, comprises charges to and accrued income from export of electricity from the company's wind turbine. Turnover from the supply of energy is recognised upon delivery.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Wind turbine - 5% straight line

Financial instruments

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

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

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 result.

Cash & cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

5.	TANGIBLE FIXED ASSETS

Wind

turbine

£

COST

At 1 April 2024

2,244,536

Additions

1,061

At 31 March 2025

2,245,597

DEPRECIATION

At 1 April 2024

1,233,883

Charge for year

112,813

At 31 March 2025

1,346,696

NET BOOK VALUE

At 31 March 2025

898,901

At 31 March 2024

1,010,653

In addition to the costs stated above, the parent company Barra & Vatersay Community Ltd, capitalised costs of £27,018, which it has incurred during the development and feasibility stages of the wind turbine project.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

Trade debtors

-

91,437

Amounts owed by group undertakings

4,680

2,160

4,680

93,597

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

Bank loans and overdrafts

213,161

198,416

Trade creditors

2,081

2,459

Amounts owed to group undertakings

6,789

Taxation and social security

24,241

79,132

Other creditors

60,375

98,841

306,647

385,637

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

Bank loans

131,526

344,747

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/3/25

31/3/24

£

Within one year

7,500

Between one and five years

30,000

In more than five years

33,750

41,250

71,250

78,750

In addition to the minimum fixed rent disclosed above the company is due to pay annual variable rent calculated on 6% of the gross income.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/25

31/3/24

£

Bank loans

344,687

543,163

The Triodos Bank NV (Triodos) loan is secured by a standard security over all and the whole of Barra & Vatersay Wind Energy Limited interest in the lease of the site at the wind farm at Eoligarry Estate, granted by the Scottish Government, and a bond and floating charge over the assets and undertakings of Barra & Vatersay Wind Energy Limited.

Triodos Bank NV has contractual 'step in' rights over the wind farm and its related assets, rights and obligations.

11.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

Deferred tax

33,692

50,203

Other provisions

31,389

30,328

65,081

80,531

Decommissi

Deferred

oning

tax

provision

£

Balance at 1 April 2024

50,203

30,328

Provided during year

-

1,061

Credit to Income Statement during year

(16,511

)

-

Balance at 31 March 2025

33,692

31,389

A decommissioning bond has been put in place as required by Triodos Bank NV, Scottish Government and Comhairle nan Eilean Siar ("the council") whereby Barra & Vatersay Wind Energy Ltd and/or, Coimhearsnachd Bharraidh agus Bhatarsaidh (Barra and Vatersay Community) Ltd the parent company, are obligated to decommission, dismantle and remove the turbine and related structures and to reinstate the land to the satisfaction of the council.

The bond will cover the anticipated lifespan of the turbine of approximately 20 years but the agreements allow for variations which can be amended within the existing terms at a later point.

The directors' estimated this decommissioning cost to be £34,000 at 31 March 2025 which has been discounted to present value and capitalised in accordance with FRS 102 S1A.

12.	ULTIMATE CONTROLLING PARTY

In October 2013, the entire share capital was transferred from the parent company, Coimhearsnachd Bharraidh agus Bhatarsaidh (Barra and Vatersay Community) Ltd, to a nominee account held by the Triodos Bank NV. Beneficial ownership of the company is still in favour of Coimhearsnachd Bharraidh agus Bhatarsaidh (Barra and Vatersay Community) Ltd, the ultimate parent company, and unencumbered share ownership will be returned to the parent company once the bank loans are repaid.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barra and Vatersay Wind Energy Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Barra and Vatersay Wind Energy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Barra and Vatersay Wind Energy Limited and state those matters that we have agreed to state to the Board of Directors of Barra and Vatersay Wind Energy Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Barra and Vatersay Wind Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Barra and Vatersay Wind Energy Limited. You consider that Barra and Vatersay Wind Energy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Barra and Vatersay Wind Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Campbell Stewart MacLennan & Co

Chartered Accountants

Unit 3, Broom Place

Portree

Highland

IV51 9HL

18 December 2025