REGISTERED NUMBER:
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BLAENPANT WIND TURBINE LIMITED |
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Financial Statements |
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for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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BLAENPANT WIND TURBINE LIMITED |
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Financial Statements |
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for the Year Ended 31 March 2022 |
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BLAENPANT WIND TURBINE LIMITED (REGISTERED NUMBER: 09935256) |
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Contents of the Financial Statements |
for the year ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BLAENPANT WIND TURBINE LIMITED |
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Company Information |
for the year ended 31 March 2022 |
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Directors: |
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Registered office: |
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Registered number: |
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BLAENPANT WIND TURBINE LIMITED (REGISTERED NUMBER: 09935256) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital | 7 |
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Retained earnings | 8 | ( |
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Shareholders' funds | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BLAENPANT WIND TURBINE LIMITED (REGISTERED NUMBER: 09935256) |
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Notes to the Financial Statements |
for the year ended 31 March 2022 |
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1. | Statutory information |
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Blaenpant Wind Turbine Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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(a) Critical judgements in applying the company's accounting policies |
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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(b) Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised as electricity is generated in line with contractual agreements with PPA (Power Purchase Agreement) providers and FIT (Feed in Tariff) licensees. |
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Tangible fixed assets |
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Plant and machinery | - |
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The plant and machinery of the company is not yet in a position to generate revenue. As such the company is not depreciating until site and plant development is complete and commissioned. |
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Development costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management have been capitalised with the plant and machinery they are directly attributable to. These include the costs of site preparation, initial delivery and handling, installation and assembly, and testing of functionality. |
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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. |
BLAENPANT WIND TURBINE LIMITED (REGISTERED NUMBER: 09935256) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | Accounting policies - continued |
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Going concern |
The directors acknowledge the continuing outbreak of COVID-19 which is causing economic disruption in most countries and its potentially adverse economic impact on the Company. This is an additional risk factor which could impact the operations of the Company after year end. |
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The directors are actively monitoring developments closely. Given the nature of the outbreak and the on-going developments, there is a high degree of uncertainty and it is not possible at this time to predict the extent and nature of the overall future impact on the Company. |
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Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. |
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Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
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Financial assets / liabilities - classified as basic financial instruments |
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(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
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(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
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At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
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(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2021 - NIL). |
BLAENPANT WIND TURBINE LIMITED (REGISTERED NUMBER: 09935256) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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4. | Tangible fixed assets |
Plant and |
machinery |
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Cost |
At 1 April 2021 |
and 31 March 2022 |
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Depreciation |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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Net book value |
At 31 March 2022 |
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At 31 March 2021 |
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5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
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Prepayments and accrued income |
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6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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VAT | 1,705 | 2,626 |
Accruals and deferred income |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 38,899 | 38,899 |
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8. | Reserves |
Retained |
earnings |
£ |
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At 1 April 2021 | ( |
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Deficit for the year | ( |
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At 31 March 2022 | ( |
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BLAENPANT WIND TURBINE LIMITED (REGISTERED NUMBER: 09935256) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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9. | Related party disclosures |
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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. |
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10. | Ultimate controlling party |
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The immediate parent is BEGL 5 Limited, a company incorporated in England and Wales, and with a registered office of: 10-12 Bourlet Close, London, W1W 7BR. |
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The ultimate parent is Broadview Ventures Limited, a company incorporated in England and Wales, and with a registered office of: 10-12 Bourlet Close, London, W1W 7BR. |
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The controlling party of Broadview Ventures Limited is Jeffrey Corrigan. |