Company Registration No. 09172034 (England and Wales)
KIRK HILL WIND FARM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
KIRK HILL WIND FARM LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 7
KIRK HILL WIND FARM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of wind farm development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A Stephens
(Resigned 4 May 2022)
Mr I McGregor
(Resigned 4 May 2022)
Mr J Caplis
(Resigned 15 February 2021)
Mr S Walshe
(Appointed 15 February 2021 and resigned 4 May 2022)
Mr K Crotty
(Appointed 6 May 2022)
Mr W Dodd
(Appointed 4 May 2022)
Mr D Wilcock
(Appointed 6 May 2022)
Auditor
The auditor, Craufurd Hale Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
KIRK HILL WIND FARM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr W Dodd
Director
23 December 2022
KIRK HILL WIND FARM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
47,655
29,129
Cash at bank and in hand
73,263
208,395
120,918
237,524
Creditors: amounts falling due within one year
4
(620,270)
(639,035)
Net current liabilities
(499,352)
(401,511)
Capital and reserves
Called up share capital
5
1,543
1,543
Share premium account
1,087,125
1,087,125
Profit and loss reserves
(1,588,020)
(1,490,179)
Total equity
(499,352)
(401,511)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 December 2022 and are signed on its behalf by:
Mr W Dodd
Director
Company Registration No. 09172034
KIRK HILL WIND FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Kirk Hill Wind Farm Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1 Phipp Street, LONDON, EC2A 4PS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities. The company was supported by a loan from the previous parent company and had the option to call on further capital. The company also had the option to issue additional B non-voting shares to raise additional capital if required.
true
Following the successful sale of the shares, additional funds have been raised via shares issued in the 'cooperative' which have now been fully subscribed. In addition, the company will also have external funds available by way of a bank loan.
The funding discussed above will provide the necessary capital to continue with the development which is now underway and to enable the company to meet its liabilities as and when they fall due.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
On the above basis
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
represents
cash in hand
.
1.4
Financial instruments
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 cash and bank balances, are measured at transaction price including transaction costs.
Financial assets are classified as receivable within one year and are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
KIRK HILL WIND FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including
creditors
,
and
loans from
fellow group companies are recognised at transaction.
Financial liabilities are classified as payable within one year and are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities.
Trade creditors
are recognised at transaction price
.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
3
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
47,655
29,129
4
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
25,045
43,925
Amounts owed to group undertakings
591,360
591,360
Other creditors
3,865
3,750
620,270
639,035
KIRK HILL WIND FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Share capital
2021
2020
£
£
Allotted
1,398 A Ordinary shares of £1 each
1,398
1,398
145 B Non-voting shares of £1 each
145
145
1,543
1,543
The 1,398 A ordinary shares are fully paid.
145 of the B non-voting shares were issued in previous financial years at a premium of £7,931. At the balance sheet date £62,876 of this was uncalled and £20 remained unpaid.
The A ordinary shares have full voting rights and rights to dividends. The B non-voting shares have no rights to vote but have rights to dividends.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Paul Fagan FCCA and the auditor was Craufurd Hale LLP.
7
Related party exemption
The company has taken advantage of exemption, under the terms of the 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.
KIRK HILL WIND FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
8
Financial commitments, guarantees and contingent liabilities
As part of the agreement dated 2 December 2014 to purchase the assets from Falck Renewables Wind Limited, the agreement is subject to a contingent payment sum of £108,063.69 payable by Kirk Hill Wind Farm Limited to Falck Renewables Wind Limited at the start of construction of the project plus a variable fee for the sum of £11,810 per megawatt of actual installed capacity indexed on 1 January 2013 and each successive 1 January according to RPI for the previous twelve months. At the balance sheet date the actual installed capacity cannot be reliably estimated.
As part of the agreement mentioned above, the lease agreements held by Falck Renewables Wind Limited at the date of the agreement were transferred to Kirk Hill Wind Farm Limited. Rent is payable the earlier of the date occurring 18 months after the date of entry or the commercial operation date, defined as the rent start date. From this date, annual rent for the first rental period (defined as the period from the rent start date to the twelfth to the fourteenth anniversary of the commercial operation date) is payable per annum either the greater of £21,000 per megawatt of installed capacity or £136,500. During the first rental period, variable rent per annum is also payable either the greater of £4 per megawatt hour of electricity exported or 7.5% of gross income received in preceding year. In addition, annual rent for the car park, access and substation of £20,000 is payable from the rent start date. All figures are indexed linked.
9
Events after the reporting period
During the reporting period, the company entered into negotiations with a potential buyer in order to sell a controlling stake in the company. The negotiations have now successfully concluded .
10
Parent company
At the balance sheet date, the immediate parent company is ESB Asset Development (UK) Limited, a company incorporated in England and Wales.
At the balance sheet date the ultimate parent company is ESB, a company incorporated in the Republic of Ireland.
At the date of signing the accounts, the immediate and ultimate parent company is Ripple Wind Coop 2 Limited, an entity registered in England and Wales.