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Financial Statements for the Year Ended 31 December 2019 |
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Sedgwick Wind Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Sedgwick Wind Limited |
Sedgwick Wind Limited (Registered number: 10859337) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Sedgwick Wind Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants & |
Statutory Auditors |
48 Belle Vue Terrace |
Malvern |
Worcestershire |
WR14 4QG |
Sedgwick Wind Limited (Registered number: 10859337) |
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Abridged Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Fair value reserve | 6 | ( |
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Retained earnings | ( |
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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
signed on its behalf by: |
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Sedgwick Wind Limited (Registered number: 10859337) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Sedgwick Wind Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Going concern |
The Directors are required to prepare the statutory financial statements on the going concern basis unless it is |
inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the |
Directors have also considered the Company’s ability to meet its liabilities as they fall due. |
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The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated |
impact on the Company. |
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The Directors have therefore reviewed the current and future financial position of the Company, its cash flows, |
and its liquidity position, specifically in respect of the above and the potential disruption to the business arising |
from a prolonged period of economic downturn, and any impact that this may have on the future of the industry |
both on the markets specifically targeted by the company and the industry as a whole. |
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Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of |
approval of the financial statements, the Directors were confident that the existing reserves and support from its |
ultimate parent Sedgwick Trading Limited together with external facilities will provide sufficient headroom to |
meet the forecast cash requirements that may arise from a downturn in activity as a result of the COVID-19 |
pandemic. |
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As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern |
basis. |
Sedgwick Wind Limited (Registered number: 10859337) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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Non-basic financial instruments are initially recorded at cost and thereafter at fair value with changes recognised |
in profit and loss. |
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3. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 | 5,721,880 |
NET BOOK VALUE |
At 31 December 2019 | 5,721,880 |
At 31 December 2018 | 5,721,880 |
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4. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
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The loan from Clydesdale Bank PLC is secured by a fixed and floating charge over all of the property and |
undertakings of Sedgwick Wind Limited, and was registered at Companies House on 27 October 2017. |
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5. | FINANCIAL INSTRUMENTS |
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Under FRS 102, derivative financial instruments are classified as 'other financial instruments' and are recognised |
as a financial asset or liability at fair value when an entity becomes party to the contractual provisions of the |
instrument. |
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At the end of the current year the Mark to Market (MTM) value of the derivative was £171,932 in favour of the |
lender, and is deemed to be the fair value. The fair value of the derivative instrument at 31 December 2019 has |
been calculated both within Other Creditors and the Fair Value Reserve. |
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The fair value movement on the SWAP during the year to 31st December 2019 has been calculated at £113,532 |
and this has been transferred to Sedgwick Wind Limited's subsidiary company; Ferneylea 1 Limited which bears |
the cost of the SWAP interest and has written off the movement to it's P&L. |
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The market valuations are provided by Clydesdale Bank, the lender. |
Sedgwick Wind Limited (Registered number: 10859337) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | RESERVES |
Fair |
value |
reserve |
£ |
Fair Value of SWAP | (171,932 | ) |
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At 31 December 2019 | ( |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | 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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9. | CONTROL |
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The controlling party is Sedgwick Trading Limited. |
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The company has no ultimate controlling party. |